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What Happened To Chamath?
Chamath is a former Facebook executive who labelled himself the "Next Warren Buffett” not too long ago. And now he’s being investigated for fraud.
Chamath combined worthless shell companies with a privately held company. Then he released a one-pager about why it would change the world. He did this several times, taking advantage of retail traders each time. The first popular one he did was Virgin Galactic, a company that would allow tourism in space. I thought this was epic and invested and got rugged myself too.
He could do this because the way he took the private companies public through his shell companies allowed him to bypass regulations that traditional public offerings had. So he could release several 'SPACS' during the bull market.
Let's take a look at his SPAC performances to date below on 3 of his popular ones. (He named his parent company after the greek god of pleasure and wisdom).