Here's Why This SPAC Was Soaring Thursday Even Though It Hasn't Found a Target
Social Capital Hedosophia Holdings VI (NYSE: IPOF), a special purpose acquisition company (SPAC) headed by Chamath Palihapitiya that raised $1 billion in 2020, is soaring today. As of 3:10 p.m. EST, the blank-check company, as SPACs are called, had gained 9% after rising as much as 15% earlier in the day. And this move comes despite the fact that the SPAC is still looking for an acquisition target to take public.
The price move in this particular SPAC is certainly being fueled by today's announcement that another of Palihapitiya's SPACs, Social Capital Hedosophia Holdings V (NYSE: IPOE), has agreed to acquire fintech start-up Social Finance (SoFi) and take it public. And it's worth noting that Palihapitiya's other pre-deal SPAC, Social Capital Hedosophia Holdings IV (NYSE: IPOD), is also sharply higher today.
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Source Fool.com
