Chamath Palihapitiya has made himself a billionaire via wily investments in tech and an array of blank-check corporations.
However the Social Capital founder admitted on Tuesday that not all his choices have been profitable, sharing some “loss porn” along with his Twitter followers.
Palihapitiya said on Twitter that he had purchased an empty plot of land close to Lake Tahoe in 2014 utilizing bitcoin.
He mentioned purchased the land for $1.6 million utilizing 2,739 bitcoin – which might be price greater than $120 million as of Wednesday.
On the time, the Wall Street Journal said the customer was a “Silicon Valley entrepreneur”, which Palihapitiya now says was him.
Again then, one bitcoin was price round $590. However it has since exploded in value, hitting new heights in current days after Elon Musk’s Tesla said it had invested $1.5 billion within the cryptocurrency.
The bitcoin price stood at round $44,750 as of 11.20am ET on Wednesday, after hitting a document excessive of above $48,000 on Tuesday.
Bitcoin’s surge meant that on Wednesday Palihapitiya may have purchased $1.6 million price of land round 75 occasions over with the identical quantity of cryptocurrency.
It has clearly left Palihapitiya feeling some remorse at his determination. “#FML,” he tweeted.
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