Here's Why This Chamath Palihapitiya-Led SPAC Is Skyrocketing on Friday

The stock market was having a rather negative day on Friday morning, with all major market indexes in the red. But Chamath Palihapitiya-led special purpose acquisition company (SPAC) Social Capital Hedosophia Holdings V (NYSE: IPOE) was soaring, with shares up by nearly 30% at 10:30 a.m. EST.

There are a few potential reasons investors are interested in this particular SPAC, but the most likely explanation for today's lift is that fintech start-up Social Finance (SoFi), which the SPAC has agreed to take public, offers a trading app that is a direct competitor to Robinhood. Known as SoFi Active Investing, the platform has several features that appeal to younger, active traders, like fractional share investing and the ability to trade cryptocurrencies.

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Source Fool.com