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Chamath Palihapitiya Sells Part of SoFi Stake, Expects to Add to Clover

Chamath Palihapitiya

Chamath Palihapitiya

Photographer: David Paul Morris/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.