Chamath Palihapitiya on why he's taking Clover Health public through a SPAC

Social Capital founder and CEO Chamath Palihapitiya joins "Squawk Box" to discuss why he's taking Clover Health public. Clover will go public via a merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company. The deal values Clover at $3.7 billion and includes up to $1.2 billion in cash proceeds, $400 million of which will be provided through a Palihapitiya-led private investment in the public entity.