Opendoor

Palihapitiya in $4.8 billion SPAC deal for real estate start-up Opendoor

Chamath Palihapitiya pioneered taking private unicorns public by reverse merging them into special objective acquisition firms — an idea he’s referred to as “IPO two..” 

Right after his initially iteration of carrying out so last calendar year with area-tourism enterprise Virgin Galactic, he’s found his up coming focus on: Opendoor, an on the net market for purchasing and selling houses. 

“These guys are my up coming 10x idea,” Palihapitiya said in an interview with CNBC, noting the prospect of creating returns well worth 10 instances the unique expense. 

The expense, declared Tuesday, amounts to additional than $1 billion. Opendoor will acquire $414 million from the cash created from the April first public offering of his SPAC, Social Money Hedosophia II. On top of that, a group of traders, including Palihapitiya and cash managed by BlackRock, agreed to infuse another $600 million by way of a PIPE, or a private expense

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