Bloomberg Law
May 13, 2021, 9:00 AM

SPAC King Is Doing Just Fine Even as the Bubble Starts to Burst

Zeke Faux
Zeke Faux
Bloomberg News

One morning last October, as wildfires raged across Northern California, President Donald Trump convalesced from Covid‑19, and Congress debated how big of a stimulus bill would be needed to rescue the economy, Chamath Palihapitiya went on TV to pitch investors on the latest stock he was taking public. Hype Man by Listen to the Story

In a blue blazer and glasses, and accompanied by a bulletpointed slide deck, the Facebook-executive-turned-venture-capitalist explained how Clover Health Investments Corp. uses powerful machine-learning software to recommend treatments that keep people healthier. He predicted confidently that the insurer’s revenue would triple in two years ...

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