Watch: Why I’m Investing $18,000 in the IPOB + Opendoor SPAC

I started investing in Social Capital’s IPOB special purpose acquisition company (SPAC) last week and bought 600 more shares today when it was announced that the SPAC will merge with Opendoor.

In this video, we discuss why I’m bullish on this deal.

My average cost for my thousand shares of IPOB is currently below $15. Chamath took Virgin Galactic public via his first SPAC. That deal has produced returns of nearly 70 percent over the last year.

After that, Chamath and team went back to work to raise money for their second SPAC: IPOB.They raised about $414M in the SPAC’s IPO. Social Capital will be joined by other investors in a PIPE deal to provide another $600M for the deal. That puts this deal at $1B and values Opendoor at $4.8 billion.

Previous investors include Softbank’s Vision fund. That’s right, the same folks behind Uber, ByteDance (TikTok), WeWork, Cruise, and so many more.

Opendoor is the leader in the offers market, wherein a company makes an offer to a homeowner to purchase their house, fixes it up, and sells it to another homebuyer on the market. Opendoor makes its money from the spread between how much they pay for a house and what…