History and Funding
- Clover Health co-founded by Vivek Garipalli and Kris Gale in 2014
- Garipalli previously founded and operated CarePoint Health
- Clover Health had over 7,200 people insured by 2015 and more than 39,000 members by 2019
- In 2016, the company was fined $106,095 for misleading its members about care locations
- Clover Health received funding from First Round Capital, Sequoia Capital, and Greenoaks Capital
- In 2017, a Series D funding round led to Clover Health being valued at over $1.2 billion
- The company went public through a merger with a special-purpose acquisition company in 2020
- Clover Health began trading on NASDAQ in January 2021 with a value of about $7 billion
- Chamath Palihapitiya was involved in the $3.7 billion deal with Clover Health
Short Seller Report and Meme Stock Status
- Hindenburg Research released a short seller report on Clover Health, causing a 15% stock drop
- The company disclosed it was under investigation by the SEC in response to the report
- Clover Health became a meme stock in 2021, attracting significant short interest
- The stock price rose and fell, remaining below the IPO level as of June 2022
Services
- Clover Health offers Medicare Advantage plans in rural or underserved areas
- The company had 129,000 beneficiaries as of August 2021
- Beneficiaries are located in 11 states: Arizona, Georgia, Kansas, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, and Vermont
- Clover Health developed the Clover Assistant, a machine learning software platform for care recommendations
- The platform aggregates health information to deliver recommendations to care providers
Operations
- Clover Health's headquarters are in Franklin, Tennessee, with additional offices in San Francisco, California, Jersey City, New Jersey, and Hong Kong
- Chelsea Clinton and Demetrios L. Kouzoukas are members of the board of directors
- Andrew Toy is the CEO, succeeding Vivek Garipalli in 2023
- Clover Health operates in the Medicare Advantage and direct contracting markets
- The company launched the LiveHealthy Rewards Program and appointed Conrad Wai as CTO.
Market Reactions, Financial Performance, and Partnerships
- Released Q2 results in August 2021
- Disclosed SEC investigation following a short-seller report in February 2021
- Experienced a surge in stock price after becoming a Reddit darling in June 2021
- Acknowledged being targeted in a short squeeze by Redditors in June 2021
- Co-founder Andrew Toy to become CEO in 2023
- Attracted attention from short seller Hindenburg Research
- Experienced a retail investor reckoning due to Hindenburg's report
- Became a meme stock in 2021
- Experienced ups and downs in SPAC market
- Continues to face market struggles and Medicare push
- Participating in the Global and Professional Direct Contracting (GPDC) Model in 2021
- Former CMS official joined the board in April 2021
- Appointed Trump official and industry veteran to the board
- Collaboration with insurance unicorn investigated by NJ legislators
- Collaboration with Nikola, a company taken down by Hindenburg Research
Clover Health Investments, Corp is an American health care company founded in 2014. The company provides Medicare Advantage (MA) insurance plans and operates as a direct contracting entity with the U.S. government. The company manages care for Medicare beneficiaries in 11 states and started trading publicly on January 8, 2021.
 | |
| Type | Public |
|---|---|
| Class A: Nasdaq: CLOV | |
| Industry | Health care |
| Founded | 2014 in San Francisco, United States |
| Headquarters | , |
Area served | Arizona, Georgia, Kansas, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont |
Key people | Andrew Toy (CEO), Vivek Garipalli (Executive Chairperson), Kumar Dharmarajan (Associate Chief Medical Officer), Conrad Wai (CTO) |
Number of employees | 458 (2021) |
| Website | cloverhealth |
