(Bloomberg) -- SoFi Technologies Inc. slid in extended trading Thursday after venture capitalist Chamath Palihapitiya said he sold 15% of his stake in the fintech company.
The sale was “to build up some cash reserves and fund several new investments,” according to Palihapitiya, the founder and chief executive officer of VC fund Social Capital Partnership.
Among those investments, he said in a letter posted on Twitter, he expects to increase his stake in Clover Health Investments Corp.
Palihapitiya's firm retains 85% of its original stake in SoFi, he said. SoFi fell as much as 1.6% after Palihapitiya disclosed the sale. San Francisco-based SoFi made its Nasdaq debut this year after merging with Palihapitiya's blank-check company.
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