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Gov. Palihapitiya? 'SPAC King' Teases California Challenge To Newsom

Gov. Palihapitiya? 'SPAC King' Teases California Challenge To Newsom

The so-called SPAC King is teasing a run for governor.

What Happened: Chamath Palihapitiya said Tuesday he's considering a run in California with a new website. Democrat Gavin Newsom won the 2018 California governor election with 61.9% of the vote, the biggest victory by a non-incumbent since 1930.

The website for Chamath for California promises to focus on 0% state taxes, $70,000 salaries for teachers, launching a global center for tech and climate jobs, free school vouchers, no student loans and $2,000 for every new child born in California.

“California is a mess – it’s too expensive, our teachers are underpaid, and our schools aren’t good enough," the website reads.

The Chamath for California website offers the ability to get alerts by signing up for emails but doesn't currently have a place to donate to the campaign.

It's unclear if Palihapitiya plans on running against Newsom in the 2022 election or only if Newsome is recalled.

Related Link: 5 Things You Might Not Know About Chamath Palihapitiya

Why it’s Important: Palihapitiya has been one of the top followed investors over the last years. His Social Capital company has launched six SPACs and has plans to offer SPACs with the tickers IPOA to IPOZ.

Time will tell what a Governor run could mean for Palihapitiya’s investments and time dedication to SPACs.

Palihapitiya is the Chairman of Virgin Galactic (NYSE: SPCE), which along with Opendoor Technologies (NASDAQ: OPEN) and Clover Health (NASDAQ: CLOV) went public via SPAC deals.

Palihapitiya also has a pending deal to take SoFi public with Social Capital Hedosophia Holdings Corp V (NYSE: IPOE). SPACs Social Capital Hedosophia Holdings Corp IV (NYSE: IPOD) and Social Capital Hedosophia Holdings Corp VI (NYSE: IPOF) are still searching for targets.

(Photo: Chamath Palihapitiya by Christopher Michel)


Related Articles (IPOD + CLOV)

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Posted-In: California Chamath Palihapitiya Gavin Newsom SPACGovernment News Politics General Best of Benzinga

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