Scoop: Chamath Palihapitiya is no longer raising a VC fund
Venture capitalist and podcaster Chamath Palihapitiya has pulled the plug on plans to raise $1 billion for an early-stage investment fund, Axios has learned.
- Social Capital last summer reportedly sought to sell a large number of its investment holdings.
Between the lines: Palihapitiya's about-face stems from both fundraising challenges and how the process served as a reminder of the difficulties inherent in managing other people's money.
- He continues to invest via his own balance sheet.
- In response to a request for comment, Palihapitiya channeled Elon Musk by sending a poop emoji.
Go deeper: Axios BFD conversation with Palihapitiya