Chamath Palihapitiya has defended the $4.8bn deal to merge his Spac with property group Opendoor.
The former Facebook executive has faced criticism after it emerged that the deal would net him and Ian Osborne, co-founder of Social Capital Hedosophia II, $60m in shares.
“I just don’t understand why all of a sudden it’s OK for banks to make money, but it’s not OK for other people to make money,” Palihapitiya said.
Opendoor is a six-year old start-up that allows homeowners to buy and sell homes online, and Tuesday’s deal will provide it with a $1bn cash infusion, a sum that includes the $414m in funds raised in April.
The company has also secured $600m from other backers including BlackRock, the Healthcare of Ontario Pension Plan, existing Opendoor investors and Mr Palihapitiya himself.
