Opendoor to go public by way of Chamath Palihapitiya SPAC – TechCrunch
Today, Social Capital Hedosophia II, the blank-check company associated with investor Chamath Palihapitiya, announced that it will merge with Opendoor, taking the private real estate startup public in the process. They exist as publicly traded entities in search of a private company to combine with, taking the private entity public without the hassle of an IPO. In this case, the SPAC Social Capital Hedosophia II is combining with Opendoor, a richly-valued private technology company that operates in the real-estate market. Shares of Social Capital Hedosophia II, which trade under the ticker symbol IPOB, were up around 14% in pre-market trading this morning. If not acquiring a public through a SPAC, he’s also used personal capital to take majority stakes in businesses.