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<a href="https://markets.businessinsider.com/stocks/pltr-stock"></a><ul class="summary-list"><li><keyword id="10030671" type="UNKNOWN" weightage="60" keywordseo="palantir-stock">Palantir stock</keyword> surged as much as 25% Friday after announcing its first inaugural demo day.</li><li>The company also added former Accenture senior advisor Lauren Friedman Stat to its board.</li><li><keyword id="1058282" type="PERSON" weightage="60" keywordseo="Palantir">Palantir</keyword> trades at a significant valuation of 48x sales and boasts a market cap of over $56 billion.</li></ul><p><a href="https://markets.businessinsider.com/stocks/pltr-stock">Palantir</a> stock surged as much as 25% on Friday to all-time highs of over $32 per share.</p><p>The jump continues the <keyword id="774829" type="ORGANIZATION" weightage="60" keywordseo="Big-Data">big data</keyword> company's breakneck post-IPO run that has seen shares skyrocket some 251%.</p><p>Though there was no clear catalyst for the move, there were some possible drivers on Friday.</p><p>First, <a href="https://investors.palantir.com/news-details/2021/Lauren-Friedman-Stat-Joins-Palantir-Board-of-Directors/default.aspx">Palantir announced</a> Lauren Friedman Stat has been appointed to the Board of Directors as well as the Audit Committee of the Board.</p><p>Stat's 15 years of experience at Accenture, where she served as a senior advisor to Fortune 100 companies, among other roles, will bring significant experience and industry connections to the board.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/stock-picks-to-buy-below-pre-pandemic-levels-goldman-sachs-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">GOLDMAN SACHS: These 22 stocks still haven't recovered to pre-pandemic levels - and are set to explode amid higher earnings in 2021 as the economy recovers</a></em></p><p>Secondly, <a href="https://investors.palantir.com/news-details/2021/Palantir-Issues-Additional-Details-Regarding-its-Inaugural-Demo-Day-on-January-26-2021/default.aspx">the company announced</a> it will be holding an inaugural Demo Day on January 26.</p><p>At the event, Palantir plans on showing off the latest developments in its software platforms, Foundry and Gotham, to the public for the first time.</p><p>The company will also demo its continuous delivery and infrastructure platform-Apollo-which has been an increasingly valuable piece of software for the company to ensure Foundry and Gotham can be used by customers in any environment.</p><p>Additionally, Palantir plans to announce and demonstrate new software and platform features, including software-defined data integration, low-code or no-Code environments, archetypes, and an AI-enabled mission command that will support US armed forces and allied nations in the planning and execution of missions. </p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/spac-investing-strategy-portfolio-manager-shares-3-prospects-evan-ratner-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">A portfolio manager who has invested in SPACs since 2007 recounts their evolution from 'financial backwater' then to 'feeding frenzy' today - and shares how to identify attractive ones, including 3 on his radar</a></em></p><p>The big day for Palantir comes just three days after the Denver, Colorado-based big data company <a href="https://markets.businessinsider.com/news/stocks/palantir-stock-rises-deal-pge-safety-reliability-californias-electric-grid-2021-1-1029982244">announced a deal</a> with California's electric utility PG&amp;E to help improve grid safety in the state.</p><p>Palantir's event announcement and recent deals speak to heady growth in product offerings at the company.</p><p>Now investors are hoping that will translate into revenues. Analysts are forecasting <a href="https://markets.businessinsider.com/news/stocks/pltr-stock-is-worth-between-19-and-36-as-investors-see-free-cash-flow-1029913678">sales growth</a> of around 32% next year to $1.41 billion from $1.07 billion in 2020. </p><p>Still, other analysts are wary of the name as the company's valuation has risen dramatically, trading at around 48x sales.</p><p>The sizeable valuation of Palantir has led short-sellers to come running. Citron Research <a href="https://markets.businessinsider.com/news/stocks/palantir-stock-price-target-short-selling-position-citron-research-pltr-2020-11-1029845368">initiated a short position</a> back in late November, calling the company "a full casino" in a tweet.</p><p>The stock traded at $32.55 on Friday at 3:54 pm EST, giving the company a $56.7 billion market cap. Palantir boasts two "buy" ratings, three "neutral" ratings, and three "sell" ratings from analysts.</p>

Palantir surges 25% to all-time highs, up 251% since IPO

<p>Hello, and welcome to the Wednesday edition of  Insider Tech's newsletter, where we break down the biggest news in tech. </p><p><em><a href="http://newsletter.businessinsider.com/join/4np/trending">To subscribe to this newsletter click here , and you'll be well informed of all the latest developments — from the serious to the absurd — that make tech such a fascinating business.</a></em></p><h2>This week: Peter Thiel's grudge match with Silicon Valley and the tech industry's civil war</h2><p>It often feels like we're living in a multi-screen world these days with big political scandals, pandemics, and natural disasters all happening at the same time and competing for our limited attention. </p><p>Now, this surfeit of simultaneous major news is trickling into the tech industry. The past week has provided a dizzying dose of developments in the world of tech — and as you can see, things are getting more contentious.</p><ul><li><strong>A rush to the public <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">markets</keyword> is underway:</strong> More than <a href="https://www.businessinsider.com/blizzard-s1-stampede-of-enterprise-tech-ipo-filings-2020-8">a half-dozen tech companies have filed paperwork to go public</a> in the past two days, through traditional IPOs and <a href="https://www.businessinsider.com/palantir-reportedly-doing-a-direct-listing-with-investor-lockup-2020-8">direct listings</a>. Two consistent unifying themes: The companies are all in the <keyword id="6356323" type="UNKNOWN" weightage="60" keywordseo="enterprise">enterprise</keyword> tech sector and they're all losing money. <br /><br /><a href="https://www.businessinsider.com/palantir-direct-listing-s-1-prospectus-revealed-ahead-public-trading-2020-8">Palantir finally dropped its S-1 prospectus on Tuesday</a>, 17 years after it was founded by Peter Thiel, Alex Karp and others. The controversial data analytics company <a href="https://www.businessinsider.com/palantir-s1-ipo-silicon-valley-military-tech-patriotic-alex-karp-2020-8">lashed out at Silicon Valley's cultural mores in the document</a>, and touted its own embrace of military contracts and <a href="https://www.businessinsider.com/palantir-s1-chinese-communist-party-2020-8">its tough stance on China</a> as more aligned with American values. Thiel, who remains on <keyword id="1058282" type="PERSON" weightage="60" keywordseo="Palantir">Palantir</keyword>'s board and is its biggest shareholder, left Silicon Valley for LA a few years ago, and Palantir recently relocated to Denver.<br /><br />One thing Palantir has in common with Silicon Valley however, <a href="https://www.businessinsider.com/what-palantir-name-means-lord-of-the-rings-peter-thiel-2020-7">is a shared obsession with the "Lord of the Rings."</a></li><li><strong><a href="https://www.businessinsider.com/fortnite-players-iphone-temporary-restraining-order-unreal-engine-2020-8">Apple and Epic must split the baby, for now:</a></strong> That's the initial ruling by the California federal judge overseeing the dispute between the two companies. <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword> was justified in <a href="https://www.businessinsider.com/apple-removes-fortnite-app-store-response-epic-games-2020-8">booting Fortnite from its App Store</a>, the judge found, but Apple must continue to give Epic access to software developer tools and thus <a href="https://www.businessinsider.com/apple-digs-in-on-app-store-battle-with-fortnite-creator-2020-8">cannot try to choke Epic's broader game engine business</a>.<br /><strong><br />But this case is far from over.</strong> Monday's ruling involved only Epic's request to slap Apple with a temporary restraining order. The real fight — <a href="https://www.businessinsider.com/fortnite-epic-games-apple-lawsuit-explained-2020-8">about whether Apple's App Store practices are anticompetitive</a> — begins with a court hearing on September 28. <br /><br /><a href="https://www.businessinsider.com/fortnite-update-iphone-ipad-august-27-season-4-locked-out-2020-8">Meanwhile, Fortnite players on iPhones and iPads have one day left to play </a>before the game moves into a new season that they will be locked out from.</li><li><strong><keyword id="6762469" type="UNKNOWN" weightage="60" keywordseo="TikTok">TikTok</keyword> takes Trump to court:</strong> The Chinese <a href="https://www.businessinsider.com/tiktok-lawsuit-us-government-trump-ban-due-process-national-security-2020-8">social media company has sued the US government</a> in California court, arguing that Trump's executive order banning the app in the US was heavily politicized and did not give TikTok a chance to refute allegations that it <a href="https://www.businessinsider.com/tiktok-ban-lawsuit-huawei-comparison-trump-2020-8">poses a Huawei-like national security risk.</a><br /><br />Here's a smart, <a href="https://www.businessinsider.com/trumps-attack-on-tiktok-serving-as-warning-to-vcs-startups-2020-8">layperson's explanation of the laws Trump says give him the power</a> to block TikTok and to force parent company ByteDance to sell TikTok's US assets.<br /><br />And don't miss this <a href="https://www.businessinsider.com/tiktok-most-important-executives-in-charge-bytedance-alex-zhu-2020-2">who's who of TikTok's insiders steering the app's rise in the US.</a></li></ul><h2>Stay tuned for: Elon Musk's cyborg Friday!</h2><p>Elon Musk's Neuralink, <a href="https://www.businessinsider.com/we-spoke-to-2-neuroscientists-about-how-exciting-elon-musks-neuralink-really-is-2019-9">which is developing chips that go into people's brains</a>, is scheduled to give the first live demo of a working device on Friday. At least, that's what Musk tweeted. Your guess is as good as anyone's about what he has in store for us. Will this live demo<a href="https://www.businessinsider.com/elon-musk-neuralink-brain-microchip-tested-on-monkeys-2019-7"> involve a chip implanted in a chimp</a>? A human, or, perhaps more accurately, a cyborg? </p><p>The only thing certain is that we'll be covering it at Business Insider, <a href="https://www.businessinsider.com/">so tell Siri to remind you to visit our site on Friday morning.</a></p><h2>Snapshot: <a href="https://www.businessinsider.com/floating-apple-store-sphere-design-marina-bay-sands-singapore-2020-8">Apple's floating store</a></h2><p>If you find yourself in Singapore in the future, you'll want to check ou<a href="https://www.businessinsider.com/floating-apple-store-sphere-design-marina-bay-sands-singapore-2020-8">t Apple's wild-looking new retail store</a>. It's round, it's big, and it floats. Apple hasn't given an opening date yet, other than "coming soon," but based on recent pictures, it looks like it should be opening soon — coronavirus permitting, of course.</p><p><a href="https://www.businessinsider.com/floating-apple-store-sphere-design-marina-bay-sands-singapore-2020-8"><div type="image" title="Apple Singapore floating store" height="867" width="1300" msid="77770843" hostid="261"></div></a></p><h2><a href="https://www.businessinsider.com/salesforce-marc-benioff-hints-no-acquisitions-soon-q2-earnings-2020-8">Sound bite of the week:</a></h2><h3><em>"We're not in a good M&amp;A environment, I just don't see it. Things always are changing but I think this isn't part of our plan right now, we don't see that."</em></h3><p>— <a href="https://www.businessinsider.com/salesforce-marc-benioff-hints-no-acquisitions-soon-q2-earnings-2020-8">Salesforce CEO Marc Benioff on the company's quarterly earnings call on Tuesday,</a> when asked about a potential TikTok acquisition and what it might mean for broader M&amp;A activity.</p><p><a href="https://www.businessinsider.com/salesforce-marc-benioff-hints-no-acquisitions-soon-q2-earnings-2020-8"><div type="image" title="Marc Benioff" height="1440" width="1999" msid="77770845" hostid="261"></div></a></p><h2>Recommended Readings:</h2><p><a href="https://www.businessinsider.com/revealed-how-much-12-the-biggest-unicorns-pay-tech-workers-2020-8">Revealed: How much 12 unicorns such as Airbnb, Stripe, Robinhood, Palantir, pay their software engineers and other tech workers</a></p><p><a href="https://www.businessinsider.com/amazon-leadership-s-team-list-2020-8">Amazon's big shakeup: Jeff Bezos's No. 2 leaves, and the top leadership circle adds its first Black woman — here's the full list of Bezos's 'S-team'</a></p><p><a href="https://www.businessinsider.com/superhuman-email-startup-scheduling-reinventing-calendar-2020-8">Hot email startup Superhuman is looking to reinvent calendars and scheduling to take the busy-work out of email</a></p><p><a href="https://www.businessinsider.com/microsoft-remote-summer-internship-coronavirus-interns-work-from-home-2020-8">Four Microsoft summer interns explain what it was like to be part of the $1.6 trillion tech titan's largest-ever cohort as it went entirely virtual</a></p><p><a href="https://www.businessinsider.com/google-products-with-over-1-billion-users-whats-next-2020-8">Several Google products are close to joining the billion-user club. Here are Google's biggest money makers with 1 billion users, and the products that could be next.</a></p><h2>Not necessarily in tech:</h2><p><a href="https://www.businessinsider.com/history-of-blackstone-gso-credit-investing-unit-2020-8">Inside the drama at Blackstone's $129 billion credit division, where pay changes, PR black eyes, and disapproval of its internal hedge fund preceded an exodus in distressed trading</a></p><p>That's it for this week. Thanks for reading, and if you like this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/trending">tell your friends and colleagues they can sign up here to receive it</a>. </p><p>— Alexei</p>

Peter Thiel's grudge match with Silicon Valley reflects the tech industry's civil war

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Mihai Surdu/Shutterstock</span></p><p class="caption">A former Googler published a shocking blog post.</p></div><p></p></div></div></p><p>Good morning! This is the tech news you need to know this Thursday.</p><ol><li><a href="https://www.businessinsider.com/former-googler-jennifer-blakely-relationship-david-drummond-2019-8?r=US&amp;IR=T"><strong>A former Googler has explosively alleged that Google's top lawyer had a child with her while he was married and then cut her off, and described a toxic culture that protects "elite men."</strong></a> Jennifer Blakely, a former Google employee, published details about her relationship with Alphabet chief counsel David Drummond on Wednesday.</li><li><strong><a href="https://www.businessinsider.com/amazon-kept-burn-book-during-nyc-hq2-negotiations-report-2019-8?r=US&amp;IR=T">Amazon kept a "burn book" of all the mean things politicians said about the company during the fight over its second headquarters with New York City</a>.</strong> The <a href="https://www.wsj.com/articles/the-missing-piece-of-amazons-new-york-debacle-it-kept-a-burn-book-11567003239">Wall Street Journal reportedly saw the "burn book,"</a> which is kept in a Microsoft Word document file and listed out insults from politicians and critics.</li><li><strong><a href="https://www.businessinsider.com/apple-apology-for-siri-contractors-listened-to-private-recordings-2019-8?r=US&amp;IR=T">Apple has apologized and announced changes to its AI assistant Siri after a report revealed that human workers regularly hear private voice conversations</a>.</strong> The company is making a few changes to how it grades Siri's accuracy, which entails not recording Siri conversations by default, among other new policies.</li><li><strong><a href="https://www.reuters.com/article/us-huawei-tech-alphabet-idUSKCN1VI240">Google executives told Reuters that despite Huawei's 90-day license from the Department of Commerce, it can't license Android OS for its upcoming phones</a>.</strong> Huawei's flagship Mate 30 is on the way, and an executive said it cannot be sold with Google apps and services.</li><li><strong><a href="https://www.businessinsider.com/oculus-cofounder-michael-antonov-accused-sexual-assault-vr-demo-2019-8?r=US&amp;IR=T">Oculus cofounder Michael Antonov has been accused of reaching beneath a woman's skirt during a private VR demo following an event at the 2016 Game Developers Conference</a>.</strong> Antonov was Oculus's chief software architect but he left the Facebook-owned company earlier this year.</li><li><strong><a href="https://www.businessinsider.com/grace-hopper-celebration-palantir-sponsor-ice-changeorg-petition-2019-8?r=US&amp;IR=T">The Grace Hopper Celebration, the world's largest conference for women in tech, has dropped Palantir as a sponsor over its work with ICE</a>.</strong> Prior to the announcement on Wednesday, a Change.org petition was published demanding Palantir be dropped as a sponsor.</li><li><strong><a href="https://www.businessinsider.com/oneplus-tv-photos-pete-lau-first-look-2019-8?r=US&amp;IR=T">The CEO of OnePlus has shared the first glimpse of the OnePlus TV, one of the most mysterious gadgets of 2019</a>. </strong>The images shared by Pete Lau show him packaging the first OnePlus TV off the production line, as well as a OnePlus TV seemingly going through a screen calibration test.</li><li><strong><a href="https://www.businessinsider.com/wework-ceo-compensation-plan-unsettling-expert-2019-8?r=US&amp;IR=T">WeWork replaced 43 million of CEO Adam Neumann's stock options with special "profits interests," and a compensation expert called it "unsettling."</a></strong> The company flat out warns investors that if they don't like the way Neumann is paying himself or running the company, there will be little they can do about it.</li><li><strong><a href="https://www.businessinsider.com/is-xbox-live-down-yes-microsoft-working-on-fix-2019-8?r=US&amp;IR=T">Microsoft's massive online gaming service, Xbox Live, went down for millions of people on Wednesday afternoon</a>.</strong> Microsoft warned of issues with core functionality, including "signing in; creating, managing, or recovering an account; and search."</li><li><strong><a href="https://www.businessinsider.com/facebook-strengthens-requirements-2020-political-ads-with-limitations-2019-8?r=US&amp;IR=T">Facebook is adding new verification requirements for ads on its platform about social issues, elections, and politics ahead of the 2020 US election</a>.</strong> Starting in mid-September, organizations will have to prove they are registered with the US government to run political ads, and a disclaimer on the ad will list them as a "Confirmed Organization."</li></ol><p>Have an Amazon Alexa device? Now you can hear 10 Things in Tech each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.</p><p>You can also <a href="https://newsletter.businessinsider.com/join/free">subscribe to this newsletter</a> here - just tick "10 Things in Tech You Need to Know."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-to-make-submit-your-own-emoji-start-finish-2019-8">If you want an emoji that isn't available, you can create it. Here's how everyday people send their submissions.</a></h3>        <div>                    </div>    </div>

10 things in tech you need to know today

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Entrepreneur First</span></p><p class="caption">Matt Clifford (left) and Alice Bentinck of Entrepreneur First.</p></div><p></p></div></div>Some of the most talented people in Britain are leaving top jobs at big firms for the chance to build their own tech startup on a company building programme that is now firmly on the radar of Europe's best-known investors.</p><p>Deeply technical people working at Silicon Valley giants like Google or investment banks like Goldman are handing in their notice and signing up to Entrepreneur First, a year long programme that helps people find a cofounder and provides them wi tht the support they need to build a business.</p><p>Entrepreneur First - founded in 2011 by Matt Clifford and Alice Bentinck - began by accepting less than 20 people a year from the best universities when it launched in London in 2013. Today, it accepts over 200 people a year from universities, big name firms, and other areas.</p><p>"If we take a moment to reflect on what we've been doing over the last five years, probably the bit we're proudest of is the people who are now joining," Clifford told Business Insider at the company's Demo Day last week. "In year one, we would have been like: 'Oh can you imagine if so and so joined?' Now they're lining up to join.</p><p>"The list of companies people have dropped out of to join EF is like Google, Palantir, Microsoft, Facebook, Samsung, McKinsey, Bain, JP Morgan, Goldman Sachs."</p><p>Rory Greig, for example, left his job as a software developer analyst at Goldman Sachs in June 2014 to join Entrepreneur First. Meanwhile, George Thomas interned at Google in 2014 before joining Entrepreneur First in 2015.</p><p>At the Demo Day, one company that caught the eye of investors was a startup called Lingumi, which helps pre-school children to learn English in countries where English is not the first language. Lingumi has been <a href="http://uk.businessinsider.com/lingumi-the-startup-everyone-was-talking-about-at-efs-demo-day-2016-3" target="_blank">founded by </a><a href="http://uk.businessinsider.com/lingumi-the-startup-everyone-was-talking-about-at-efs-demo-day-2016-3" target="_blank">Oxford languages graduate Toby Mather and former J.P. Morgan intern Adit Trivedi</a>.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Entrepreneur First</span></p><p class="caption">Lingumi cofounders  Toby Mather and Adit Trivedi.</p></div><p></p></div></div></p><p>Entrepreneur First provides those on its cohort with £17,000 in pre-seed funding so they can build a technology startup. In return, it takes an 8% equity stake in the company that is created.</p><p id="yui_3_9_1_1_1457940929724_833">The 50 startups that have previously graduated from the programme have raised over $60 million (£42 million) in venture capital from investors, according to Entrepreneur First. Collectively, these startups are now worth more than $250 million (£176 million). The portfolio includes deep tech firms (Magic Pony Technology, Adbrain, and Tractable), marketplaces (Hubble, ClickMechanic), consumer products (Prizeo, Code Kingdoms), and hardware (Blaze, Pi-Top, Speakset).</p><p>Earlier in March, Entrepreneur First announced that it <a href="http://uk.businessinsider.com/entrepreneur-first-aims-to-raise-40-million-fund-2016-3" target="_blank">plans to raise £40 million</a> to invest in the companies that come out of its programme. It also appointed two new general partners: Wendy Tan White and Joe White. The duo, previously venture partners at Entrepreneur First, are the cofounders of website building software provider Moonfruit, which was acquired by Yell for $37 million (£25.7 million) in 2012.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/text-message-mistakes-relationships-aziz-ansari-eric-klinenberg-2016-2">Avoid these 5 mistakes when texting someone you want to date</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="djZXY4MTE6MRGnyO33CF6FT0sP1C4uTX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Some of Britain's smartest people are leaving Google and Goldman to join Entrepreneur First

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span> Brian Ach/Getty Images for TechCrunch</span></p></div><p></p></div></div></p><ul><li><strong> Midas-touch investor Chamath Palihapitiya has raised $600 million in the IPO for his new firm, <span>Social Capital Hedosophia Holdings.</span></strong></li><li><strong>Shares priced at $10 each went up on the New York Stock Exchange Wednesday under the ticker "<span>IPOA.U"</span></strong></li><li><strong>The firm will use its IPO money to fund other well-</strong><strong>performing private tech startups.</strong></li></ul><p>Chamath Palihapitiya, founder of VC firm Social Capital, is setting himself up to become the Warren Buffett of tech investing. To that end, he has launched a new "blank-check" company in partnership with London-based VC firm Hedosophia, aptly named Social Capital Hedosophia Holdings Corp.</p><p>On Wednesday, Social Capital Hedosophia announced it had raised $600 million in its IPO, <a href="https://www.axios.com/pro-rata-2485151480.html">according to Axios,</a> an increase from the $500 million the company originally filed for at the beginning of September. The shares were listed on the New York Stock Exchange Wednesday for $10 a piece and were up 3.5% in the first half of the day Thursday. </p><p>Despite the high price tag, Social Capital Hedosophia doesn't have any products or customers, and it doesn't actually anything, yet. The company plans to buy stakes in private tech companies, ranging from minority stakes to controlling interests to full ownership.</p><p>The idea is to give these tech companies the benefits of being a publicly traded company - like easier access to capital - with fewer drawbacks, like the "distraction" of doing the actual IPO and the bother of the quarterly, short-term view of investors, Social Capital Hedosophia <a href="https://www.sec.gov/Archives/edgar/data/1706946/000114420417044783/v473766_s1.htm">explained in the documents it filed with the SEC. </a></p><p>This tactic also gives public investors access to the wealth being created by well-performing private tech companies. Right now most of that wealth is going to a small pool of investors, mainly the VCs and private equity firms that get invited to the investment table.</p><p>As of May 2017, Social Capital Hedosophia estimates there are about 150 tech startups valued at over $1 billion, compared to about 200 public technology companies with a market cap of $1 billion. In years past, those 150 companies would have become public companies. Today, they can hold out as private companies indefinitely because there's so much money available to fund their growth from private investors.</p><p>Such "blank-check" public companies, which raise money first and then figure out how to invest it, are currently in vogue, reports The Wall Street Journal's Maureen Farrell. Twenty-two such funds hve been launched on US exchanges so far this year, raising $6.9 billion, according to Dealogic, <a href="https://www.wsj.com/articles/new-trick-for-reluctant-tech-unicorns-bring-the-ipo-to-them-1503527296">Farrell reports.</a></p><p>That's not to say that one by Palihapitiya will succeed in picking tech companies that will make its investors wealthy. But it is being backed by a who's who in the Valley circles. Social Capital partner Tony Bates, <span>best known as the former CEO of Skype,</span> is on the holding company's board.</p><p>Adam Bain is also on the board. Bain is the well-liked former COO of Twitter who has been relishing in time off from a full-time job since he left Twitter in November. Bain has been advising startups and doing some other investments and board work, such as joining the <a href="https://techcrunch.com/2017/06/22/hot-sneaker-marketplace-goat-adds-former-twitter-coo-adam-bain-to-board/">board of sneaker company Goat last summer.</a> There's been a lot of speculation as to which company will finally talk Bain out of his retirement and back into an exec role.</p><p>But Palihapitiya will be CEO of Social Capital Hedosophia. He's well known as one of the original executives of Facebook and an owner/board member of the Golden State Warriors. As an investor, he's backed companies like Box, Palantir, Pure Storage, Slack and Yammer.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/apple-face-id-unlocking-fail-during-big-demo-stage-iphone-x-2017-9">Watch Apple's Face ID unlocking fail during its big demo</a></h3>        <div>                    </div>    </div>

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