Chamath Palihapitiya is launching a new SPAC, American Exceptionalism Acquisition Corp., offering 25M shares at $10 each. However, disclosures explicitly state this investment is "most suitable for institutional investors" and retail investors should "approach with caution, if at all," warning of potential total capital loss. Given his previous SPACs (Opendoor, Virgin Galactic, Clover Health) are all down over 50% lifetime, retail investors should be extremely wary of this new offering.