The Canadian-raised investor, who was dubbed the “king” of special-purpose acquisition companies, said two of his vehicles will return their money to shareholders after failed assessments of over 100 potential targets. (The Logic)

Talking point: Palihapitiya said his IPOD and IPOF SPACs faced two challenges in finding startups to take public: the companies were either overvalued, or their leaders were unwilling to face the current market volatility. As my colleague Catherine reported in June, SPAC companies’ losses were three times steeper than the broader market decline, and Canadian firms that merged with SPACS had their share prices fall disproportionately compared with the overall market downturn. Social Capital will keep looking for two targets for its biotech SPACs, but will wind down its US$460-million IPOD and US$1.15-billion IPOF vehicles, which went public in 2020, before their Oct. 14 deadlines. Still, Palihapitiya wrote that his firm’s views on SPACs remain consistent and they’re “just one of many tools in our toolkit.”