Social Capital, the venture firm founded seven years ago by former Facebook Inc. executive Chamath Palihapitiya is "imploding," according to a scathing report in Axios by the venture capital reporter Dan Primack.

The article paints a picture of deep dysfunction at the Palo Alto-based firm, which has raised more than $1 billion and has invested in unicorn startups like Slack, SureyMonkey and now-public Box.

"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.

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

Palihapitiya does still serve as CEO of the "blank check" acquisition company that he took public last year, the report says. The company, which raised $600 million in its IPO at the start of this year, is intended as a special-purpose fund to acquire a large private tech startup, effectively taking it private. Trading under the ticker symbol "IPOA.U," Social Capital Hedosophia Holdings Corp. has a market capitalization of about $200 million as of Friday afternoon.

- Silicon Valley Business Journal