Nine months ago, the once high-flying venture capital fund Social Capital made the bold decision to stop accepting outside capital and operate as a family office, in essence.
The co-founder of the outfit, brazen billionaire and early Facebook executive Chamath Palihapitiya, pledged to upend his investment strategy and make fewer but much larger investments as a means to improve his returns. Naturally, a near-complete exodus of Social Capital’s venture capitalists followed.
Today, the firm’s three founders, Palihapitiya, Mamoon Hamid and Ted Maidenberg, have gone their separate ways. Palihapitiya is rewriting the Social Capital playbook, Hamid is busy reinvigorating Kleiner Perkins and Maidenberg is building on top of the data-driven strategy and proprietary software dubbed “Magic 8-Ball” he built at Social Capital, with a new firm called Tribe Capital.
Quietly, Tribe Capital’s co-founders, Maidenberg and former Social Capital partners Arjun Sethi and Jonathan Hsu, have deployed millions of dollars in … Read the rest