Chamath Palihapitiya Says Billionaires and Hedge Funds Shouldn’t Get Bailout

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William D. Baltzell
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Sat Apr 11, 2020 12:48 pm

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Chamath Palihapitiya, CEO of Social Capital has targeted the billionaires of the U.S. in his recent statement. He has recently given a statement at CNBC and said that the U.S. should not give bailouts to the billionaires and Hedge Funds. He believes that the wealthy ones are also entitled to face the consequences as others do.

This statement by Palihapitiya has come in response to the U.S. stimulus bill which was passed by the U.S. government to provide help to the families which are affected by the coronavirus pandemic. Although this turned out that they have prioritized to give support to some large entities first which is completely unfair. The result would be far worse than what it is now and that is why Social Capital’s CEO was concerned about it.

Chamath Palihapitiya believes Wall Street perpetuated lie

The major reason behind giving statements on CNBC, Palihapitiya argued that there should not be extra concerns over the billionaires and their organisations. According to him, the benefit should be divided among everybody and the organisations that are already full of resources should be expelled from it. Other Americans have also supported his arguments and tweeted in his favour.

According to him, Wall Street has perpetuated a lie that all the workers should be fired when organisations fail. He also said that such type of organisations should not get any kind of support, instead, the equity holders and order investors who lose their money should get the benefit of any such scheme.

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