Latest news with #ChamathPalihapitiya
Yahoo
3 days ago
- Business
- Yahoo
Tech billionaire's 13-year-old forecast turns out to be a goldmine
Tech billionaire's 13-year-old forecast turns out to be a goldmine originally appeared on TheStreet. Billionaire investor and former Facebook executive Chamath Palihapitiya has always had some of the hottest takes on the crypto markets, and with Bitcoin recently hitting a new all-time high (ATH), one of his predictions from 2013 has come to light. On July 26, Palihapitiya shared a video from 2013 in which he can be seen hailing Bitcoin's value as a store of value. The billionaire can be seen calling Bitcoin "gold 2.0" and expecting it to be an "unbelievably better" store of value within the next 3-5 years. In fact, every country experiencing currency pressure, such as Russia, Iran, Venezuela, Argentina, etc., would use Bitcoin, he had remarked, and predicted it would probably become a payment mechanism reminded his X followers that he had also written an op-ed for Bloomberg — around the time the video was recorded — on May 30, 2013, advocating that everyone in the world should put 1% of their net worth into Bitcoin. The 2008 global financial crisis and the loss of trust in traditional institutions such as governments, banks, etc. have led to the rise of Bitcoin, he had argued. The opportunity here is to think constructively about a world in which money flows are more transparent (Bitcoin), easy (Bitcoin), cheap (Bitcoin) and secure (Bitcoin). When Palihapitiya's op-ed was published on May 30, 2013, the average Bitcoin price was $128.80. If you had taken his advice on the day and invested $10,000 in Bitcoin when it was priced at $128.80, your portfolio would now be worth $9.16 million — a staggering return of more than 91,500%. An early advocate of the leading cryptocurrency, Palihapitiya even slammed Warren Buffett when the veteran investor said Bitcoin is "probably rat poison squared." Though he calls himself Buffett's "disciple," he said Buffett is wrong about Bitcoin. "Not everybody is right all the time." Disclaimer: The content above is intended for informational purposes only and should not be taken as financial advice. Do your own research before investing. Tech billionaire's 13-year-old forecast turns out to be a goldmine first appeared on TheStreet on Jul 26, 2025 This story was originally reported by TheStreet on Jul 26, 2025, where it first appeared.
Bloomberg
22-07-2025
- Business
- Bloomberg
Opendoor's Wild Swings Spotlight New Meme-Stock Trading Craze
Opendoor Technologies Inc. was a poster child for the froth in special purpose acquisition companies when it went public in 2020, backed by so-called SPAC King Chamath Palihapitiya. These days, after a blistering rally powered by retail traders that cooled Tuesday, some are wondering if the tech-powered home flipper is an emblem of the latest meme-stock craze.
Yahoo
18-07-2025
- Business
- Yahoo
Retail traders are resurrecting a pandemic-era penny stock this week. Here's what's going on with Opendoor.
The pandemic darling Opendoor has plunged in price since its IPO. However, the stock price has surged over 100% in price in recent trading sessions. Retail traders are piling in after a hedge fund manager announced a bullish position. A hedge fund manager's X post, eager retail investors, and some good old-fashioned r/WallStreetBets due diligence have created the perfect recipe for a new meme stock this week. Opendoor stock has soared 90% in the last five days, with shares of the company now trading at $1.73. The move is an unexpected reversal for the online home flipper, which went public via a Chamath Palihapitiya SPAC back in 2020 and has largely been discarded by Wall Street as a languishing penny stock. Once valued at a market cap of over $15 billion and a peak stock price of $35, shares fell from grace post-pandemic as the housing market cooled and the company experienced inventory write-downs. It's yet to post an annual profit since going public. Just two months ago, the company received a warning from Nasdaq that it could be delisted after the stock price failed to break above $1 for 30 consecutive days. In June, Opendoor announced a special meeting for later this month to discuss a reverse stock split in the order of 1‑for‑10 or as much as 1‑for‑50 in order to boost the value of its outstanding shares. This embedded content is not available in your region. What's driving the latest rally? A main driver behind Opendoor's recent rally was a recent X post from EMJ Capital founder Eric Jackson, in which he detailed his firm's position and investment thesis for the stock, as well as an $82 price target. The Canadian hedge fund manager is confident that Opendoor is a deep value turnaround company, with the potential to grow revenues from roughly $5 billion in 2024 to $12 billion by 2029. Jackson cited Opendoor's cost cutting efforts and market leadership, as well as potential rate cuts as positive catalysts for the stock. He also called for management reforms within the company and better operational execution. In Jackson's view, the stock has the potential to become a "100-bagger," returning over 1,000%. It's not Jackson's first time betting on an unloved stock. He's known for his bullish stance on Carvana back in 2023, when shares of the company were trading at $11. His bullish call paid off, as Carvana is now trading at over $350 a share. Retail investors answered the call after Jackson posted his Opendoor thesis and revealed his position. The stock's trading volume is currently nearing 250 million, well above its 90-day average of roughly 85 million, according to Yahoo! Finance data. As of Thursday morning, Opendoor was the third most trending stock on the site. And even before Jackson's announcement, investors on r/WallStreetBets had been chatting about the stock, with one user posting two months ago that they had opened a $155,000 position in OpenDoor. On the investing forum StockTwits, Opendoor is rated "extremely bullish" on the site's sentiment tracker, with message volume surging over the past 24 hours. Opendoor also has another hallmark of a classic meme stock: high levels of short interest, with 135.8 million shares, or 22% of its float, loaned to short-sellers. It's a signal that institutional investors are betting against Opendoor and creates a potential set-up for a short squeeze, where rising prices force short sellers to buy back shares and cause the stock to rally even more. While retail investors might be betting on a comeback, Wall Street sees a tough path ahead for the stock in the sluggish US housing market. Goldman Sachs gives Opendoor a $0.90 price target and a sell rating. Read the original article on Business Insider Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
16-07-2025
- Business
- Yahoo
SoFi Stock Is Up Over 90% in 3 Months. Should You Still Buy or Sell Now?
SoFi stock (SOFI) has gained over 90% in the last three months. It has rebounded sharply from its 2025 lows, not only turning positive for the year but also achieving YTD gains of 38%, outperforming the S&P 500 Index ($SPX) by a significant margin. In this article, we'll discuss whether SoFi is still a buy or if it would be prudent to take some profits off the table here. The last time I covered SoFi in June, it was trading around $15. The stock now trades above $20, a price level it hasn't been able to rise to since 2021 when it went public by merging with one of Chamath Palihapitiya's special purpose acquisition companies (SPACs). More News from Barchart Dear Nvidia Stock Fans, Mark Your Calendars for July 16 How to Buy Tesla for a 13% Discount, or Achieve a 26% Annual Return Retirement Ready: 3 Dividend Stocks to Set and Forget Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! SoFi Is a SPAC Success Story All other companies that Palihapitiya took public with his SPACs trade well below the IPO price of $10. SoFi is a rare exception not just for Palihapitiya-backed SPACs, but also the wider SPAC ecosystem. Many former SPACs have either gone bankrupt or slipped into oblivion. Many of the companies that opted for SPAC mergers were disruptive businesses seeking to redefine their respective industries. However, most either had flawed business models or burned too much cash for them to be sustainable. This is where SoFi stands out. The company has challenged the status quo in the banking landscape with its innovative products and diversified business. SoFi has turned profitable on a GAAP basis while continuing to grow its top line at a stellar pace. It has an ambitious target of becoming among the top 10 financial institutions in the U.S. – a goal that does not look entirely unachievable, even if lofty. Why Has SoFi Stock Rallied? SoFi's recent rally has been backed by a both supportive macroenvironment as well as positive company-specific news. Geopolitical tensions have eased while markets have started taking President Donald Trump's tariff announcements in stride. On a company-specific level, SoFi's re-entry into crypto trading was received positively by the market. The foray comes at a time when there is an increased appetite for digital assets. Earlier this month, SoFi said that it would add more private market funds to its platform, which would let members invest in popular privately held companies like Elon Musk's SpaceX and ChatGPT-parent OpenAI. Cross-selling incidentally is a key opportunity for SoFi, whose member count was 10.9 million at the end of March, with the number rising over 10x in the preceding five years. SoFi Stock Forecast Despite its stellar financial performance and the accompanying rally, SoFi has failed to win over the analyst community. Earlier this week, Citizens JMP downgraded SoFi stock from an 'Outperform' to 'Market Perform' over valuation concerns. Goldman Sachs also assumed coverage of the stock with a 'Neutral' rating and $19 target price. Their ratings match the consensus 'Hold' rating that SoFi has had for the last many quarters. While SoFi has generally traded above its mean target price for the last year, after the recent rally, it has run up to its Street-high target price of $21. Should You Buy SoFi Stock? SoFi trades at a forward price-earnings (P/E) multiple of 77.2x with a price-to-book value of 3.5x. The stock appears quite overvalued on these multiples when compared with traditional banks. However, SoFi is not a traditional bank. I see the company as having the body of a traditional bank with the soul of a fintech. Having the banking charter helps SoFi gain access to low-cost member deposits and lowers its reliance on high-cost wholesale borrowing. At the same time, it has the agility of a fintech, which enables it to launch some products that traditional banks might not. SoFi gets a high (and rising) share of its revenue from non-lending-based ventures, which warrants higher multiples, particularly on book value. SoFi previously guided for an earnings per share (EPS) of between $0.55 and $0.80 in 2026, which I believe could be revised upwards if its crypto business takes off in a big way. Going by the top end of the guidance, SoFi trades at 26.2x its 2026 EPS, which still does not look exorbitantly high as SoFi expects its EPS to rise by between 20%-25% beyond 2026 as well. I have been a long-term SoFi bull and have used sharp rallies to book profits while buying more shares when the stock dips. After the recent rally in SoFi, I am a bit wary of the stock, as at least the short-term risk-reward does not look too favorable. I would rather use the opportunity to take some profits off the table here, and will add more shares to my position if the stock falls from these levels. On the date of publication, Mohit Oberoi had a position in: SOFI. All information and data in this article is solely for informational purposes. This article was originally published on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
14-07-2025
- Business
- Yahoo
ProKidney Just Set a New 52-Week High. Should You Buy, Sell, or Hold PROK Stock Here?
Chronic kidney disease (CKD) is a silent epidemic. In this high-stakes space, biotechnology companies focused on reversing or slowing CKD progression are racing for a breakthrough. Successful clinical trials are not only scientific wins, but the catalysts that can ignite sector-wide rallies. Especially when the weapon isn't another pill, but cell therapy — an approach that could redefine kidney care as we know it. One such player that just jolted the market is ProKidney (PROK), a biotech making noise with bold science and even bolder stock moves. Once backed by SPAC king Chamath Palihapitiya, this overlooked biotech stock just pulled off a 515% surge thanks to impressive top-line data from its Phase 2 REGEN-007 trial. Its autologous cell therapy, rilparencel (REACT), significantly slowed kidney function decline. Shopify Stock is a Bargain - How to Make a 3.2% One-Month Yield with SHOP Tariffs, Inflation and Other Key Things to Watch this Week Stocks Set to Open Lower as Trump Ratchets Up Tariff Threats, U.S. Inflation Data and Big Bank Earnings Awaited Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. While some on Wall Street are optimistic, raising price targets and seeing real potential for accelerated approval, others remain skeptical, pointing to trial design gaps and warning that PROK stock may have sprinted too far, too fast. So, should investors ride the wave of optimism and snag shares? Or is this rally already baked into the price? Founded in 2015, ProKidney is a clinical-stage biotech tackling CKD with regenerative cell therapy. In 2022, it went public through a $2.6 billion SPAC merger with Social Capital Suvretta Holdings, backed by Chamath Palihapitiya. Its lead candidate, rilparencel, is a first-in-class minimally invasive autologous cell therapy designed to preserve or even improve kidney function, potentially delaying or eliminating the need for dialysis. Now in a Phase 3 trial, ProKidney is drawing attention as it reimagines what's possible for CKD patients. ProKidney went public at around $10 per share, but the stock soon lost momentum, slipping into penny territory. For a while, it stayed quiet. That was until July 2025 flipped the narrative. Following strong Phase 2 trial results for its CKD therapy, PROK stock skyrocketed more than 600% in just five days, hitting a 52-week high of $7.13 on July 9 before cooling to $4.34 — still a massive leap from $0.61 just two days earlier. Despite the breather, PROK stock is up 169% on a year-to-date (YTD) basis. The rally pushed its market capitalization from $177 million to over $1 billion. Plus, on July 8 alone, over 343 million shares changed hands, signaling aggressive buying interest. On May 12, ProKidney dropped its fiscal first-quarter 2025 numbers, and Wall Street liked what it saw. The stock jumped 15.8% in the next trading session — not bad for a clinical-stage biotech still chasing its first product approval. While technically still pre-revenue, the company logged $230,000 at the top line, with a per-share loss of $0.13, beating the Street's expectations and improving by nearly 19% year-over-year (YOY). R&D spending held steady at $27.3 million, with hiring and facility costs nudging higher, offset by lower clinical trial expenses due to the winding down of earlier-phase programs. General and administrative costs rose to $14.4 million, mainly from increased salaries and professional fees, typical for a company scaling up for a pivotal Phase 3. Importantly, ProKidney ended the quarter with a solid $328.5 million in cash, giving it runway through mid-2027. That's enough to push its lead therapy through late-stage testing. But if trial costs balloon, talks of dilution or partnerships could heat up. Analysts tracking the company anticipate its per-share losses to shrink by 21% YOY to $0.49 in fiscal 2025, then narrow another 4% to $0.47 in fiscal 2026. ProKidney's recent rally was more than just market noise. It was a reaction to meaningful clinical signals. The company's Phase 2 REGEN-007 trial revealed that rilparencel significantly slowed kidney function decline in patients with CKD and diabetes, and that's a big deal. Importantly, the U.S. Food and Drug Administration had previously indicated that rilparencel could qualify for accelerated approval if a validated surrogate endpoint showed strong results. That bar was seemingly met in Group 1 of the trial as it saw an annual improvement of 78% in 'eGFR slope' (the rate of kidney function decline), strengthening the case for regulatory momentum. With a critical FDA meeting scheduled this summer, Wall Street caught wind of the momentum, and the stock blasted off on renewed optimism. However, enthusiasm must be tempered. The trial had a small sample size, and while Group 1 showed promise, the 50% improvement in eGFR slope in Group 2 was 'not statistically significant,' raising questions about consistency and durability. Regulators may demand harder endpoints in Phase 3 instead of relying only on eGFR improvements. Meanwhile, competition is also heating up, with contenders like Eli Lilly (LLY) and Novo Nordisk (NVO) racing forward in the same space. And as a small-cap biotech, with no product revenue yet, ProKidney remains highly volatile and vulnerable to both hype and setbacks. Wall Street is split on ProKidney's explosive run, with some eyeing a true biotech breakout while others question the substance behind the surge. Citi sees promise and took the bullish lane. The firm kept a 'Buy' rating and hiked PROK stock's price target from $6 to $9, calling the early Phase 2 data better than expected. Citi now sees a 60% probability of success for rilparencel. With statistically and clinically meaningful results, analysts believe the therapy could fast-track toward approval if Phase 3 holds up. But not everyone's buying the breakout. Bank of America stayed firmly in the skeptic camp, maintaining its 'Underperform' rating and $1 price target. The firm's concerns run deep — no sham comparator in the REGEN-007 trial, limited weight from open-label eGFR data, and uncertainty over which patients drove the results. Even more, the bank flagged ambiguity around the regulatory path and warned the Phase 3 timeline could stretch beyond ProKidney's cash runway. Analysts also questioned whether the market for rilparencel is large enough without exceptionally strong data. Evercore ISI struck a more measured tone. Analyst Jonathan Miller called the top-line results 'very intriguing,' but said they're still holding off on buying the stock. While the ongoing Phase 3 trial could be a major catalyst in kidney care, results are not expected any sooner. PROK stock has a consensus 'Moderate Buy' rating overall. Out of seven analysts covering the biotech stock, four recommend a 'Strong Buy,' two give a 'Hold,' and one analyst gives a 'Moderate Sell' rating. Amid the sharp climb this week, PROK stock has edged past its average price target. Meanwhile, Citi's Street-high target of $9 suggests shares could rally as much as 98%. ProKidney just lit up the biotech radar with a massive stock surge and promising trial data, but the hype comes with high-stakes risk. PROK stock's ride from penny status to a $1 billion valuation was fast, volatile, and fueled by future hopes, not current revenue. Analysts remain split, and FDA approval is still a ways off. If investors are in, they'll need to brace for turbulence as this is not a classic steady climber. The potential is real, but so are the risks. On the date of publication, Sristi Suman Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
