Anand Sinha
2 min read
Billionaire Chamath Palihapitiya hints at new SPAC despite community backlash originally appeared on TheStreet.
Billionaire investor and former Facebook executive Chamath Palihapitiya is one of the public figures from the traditional industry whose views are paid attention to by the crypto community.
Recently, the billionaire hailed the public debut of Circle (NYSE: CRLC), the company behind the USDC stablecoin. He praised Circle for building the entire market structure for stablecoins early on.
Palihapitiya, currently CEO at Social Capital, has launched a dozen special-purpose acquisition companies (SPACs). A SPAC is a publicly traded shell company formed with the purpose of acquiring or merging with a private company to take it public.
The investor recently asked his X followers via a poll if he should launch another SPAC. But the X community is hardly supportive.
Though his post has generated 2.4 million views so far, the response has been overwhelmingly negative.
Not only did 71.3% of the responses say "No," the post even got a community note claiming that SPACs launched by Chamath during Covid years have generated "horrible returns," falling as much as 70% since their peaks.
Regardless of the negative response, Palihapitiya wrote in the next X post that he received calls from many "Wall Street and Crypto Titans." He added:
"I will probably do it."
Palihapitiya said he will include the X poll and the community note in every SEC filing possible and hoped it will "maybe" go better this time.
While nobody can tell if and when Palihapitiya will launch another SPAC, the crypto community was quick to jump in to trade opinions.
Traders on Polymarket, the leading crypto-based prediction market, began to bet on him launching the company by Dec. 31, 2025.
For now, the odds are sitting around 57% for "Yes," which means more than half of the Polymarket traders think Palihapitiya will launch a SPAC by the end of the year.
Billionaire Chamath Palihapitiya hints at new SPAC despite community backlash first appeared on TheStreet on Jun 20, 2025
This story was originally reported by TheStreet on Jun 20, 2025, where it first appeared.
