On Tuesday, a new SPAC from VC and All-In podcast host Chamath Palihapitiya became a public company. Dubbed with the lofty name “American Exceptionalism,” it raised $345 million with a mission to acquire one or more startups in the fields of energy, AI, crypto/DeFi, or defense, then convert those companies into publicly-traded entities.
But Palihapitiya wants retail investors to know: he strongly advises you not to buy the stock, even though he has reserved a tiny fraction — just over 1% — to be traded on the public markets for retailer investors, while 98.7% has already been sold to hand-picked, large institutions.
“I want to temper retail investors’ involvement with my SPACs,” he posted on X and later posted again, “We designed i
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