Most of you are probably acquainted with the name Chamath Palihapitiya, although I seriously doubt any of us could spell it correctly without at least a few tries. He is the billionaire financier who is considered the King of SPAC. SPACs, of course, have become the laughingstock or the financial universe, because they were obviously just a scammy way for undeserving companies to come to the public markets without the scrutiny of a normal initial public offering.

In the space of a couple of years, Mr. Palihapitiya has moved “from hero to zero” as the entire fleet of investment vehicles he was touting have come crashing to Earth. One will not be surprised to know that the chap managed to cash out of some of these items, here and there, since, I suppose, he wanted to give other people the chance to make big profits as well.