shares of sofi technologies inc were off 13 in premarket trading friday after social capital chief executive chamath palihapitiya said that he sold roughly 15 of his stake in sofi “to build up some cash reserves and fund several new investments” those investments include mitra chem a batteryproduction company spectral a creditscoring company and syndica a blockchain infrastructure company palihapitiya disclosed in a letter that he posted to twitter thursday afternoon palihapitiya also anticipates that he will add to his public investment in clover health through that company’s primary offering “we remain a significant investor in sofi retaining 85 of our original stake and are excited about their path ahead” he said in the twitter letter sofi sofi merged with social capital hedosophia holdings corp v a specialpurpose acquisition company in the process of going public in june sofi’s stock is on pace to decline for the fourth straight day if its premarket losses carry through to the close the financialtechnology company announced late monday that some selling shareholders including softbank group corp sftby 9984 and silver lake partners would be conducting a secondary offering of 50 million shares sofi disclosed in a thursday afternoon filing that the secondary offering was complete sofi did not raise any money through the secondary offering shares of sofi are up 488 over a threemonth span as the sp 500 spx has risen 68