Social Capital Hedosophia Holdings Corp. (“IPOA”), which raised $690 million on September 13th, 2017, nearly one year ago today, might be in trouble.

According to Axios and the Silicon Valley Business Journal, the venture firm of Chamath Palihapitiya, who is IPOA’s Chairman and CEO, is “imploding“.   Failed venture firms are not totally shocking, but both articles pointedly place the blame squarely on Mr. Palihapitiya.

From the Silicon Valley Business Journal:

“Social Capital appears to be done, at least as a major venture capital investor,” Primack writes.

The firm’s leadership team is “hemorrhaging” its top talent, its limited partners are deeply unhappy with the ways things are being run, and its hedge fund is shutting down, Primack reports.

In addition, “Palihapitiya is regularly absent from the Social Capital offices, instead spending much of his time in Europe. He also is said by multiple sources to have repeatedly blown off investor meetings, sometimes sending regrets just minutes before they were to begin,” according to the report.

Current and former Social Capital employees say it could take days or weeks to get email replies from Palihapitiya.

In a tweet on Friday afternoon, Palihapitiya said the Axios story was “not accurate,” but did not elaborate further.

Social Capital Hedosohia still has one year of life left until they need to complete, but that detail is cold comfort to investors.  The share is currently trading at $9.87, but the warrant is trading down nearly 10% at $1.22.

Having said that, a lot can happen in twelve months.  And if you REALLY want to try and find a silver lining in all this, maybe if the venture firm shuts down it will force Mr. Palihapitiya to focus full-time on the SPAC.

Everybody loves a comeback.