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Photo illustration: Sarah Grillo/Axios. Photo: Sylvain Gaboury/Patrick McMullan via Getty Images

Pershing Square Tontine Holdings, a special purpose acquisition company formed by Bill Ackman to acquire "mature unicorns," filed for a $3 billion IPO.

Why it matters: $3 billion would be the most money ever raised by a SPAC. And it may ultimately raise nearly $6.5 billion, based on concurrent plans to raise between $1 billion and $3 billion from funds associated with Ackman's hedge funds, plus up to another $450 million if banks exercise their over-allotment options.

  • Mature unicorns? Yeah, we need a better term for this. Twitter is helping out.
  • The backdrop: Pershing Square did a SPAC back in 2011, which ultimately took Burger King public.

The bottom line: "The deal will give Ackman firepower to compete for a big acquisition against some of the largest private equity firms, such as Apollo Global Management and The Blackstone Group," writes Reuters.

Go deeper

Sep 15, 2020 - Politics & Policy

Bipartisan Problem Solvers Caucus unveils $2 trillion coronavirus bill

Rep. Josh Gottheimer joined by other members of the Problem Solvers Caucus, unveils the March to Common Ground proposal, Sept. 15. Photo: Caroline Brehman/CQ-Roll Call, Inc via Getty Images

A bipartisan group of 50 House members known as the Problem Solvers Caucus unveiled a roughly $2 trillion coronavirus stimulus bill on Tuesday amid frustration with congressional and White House leaders for failing to deliver desperately needed aid to Americans.

Why it matters: The legislation, which is widely viewed as unpassable, is a last-ditch effort by centrist lawmakers to force party leaders back to the negotiating table before the November election.

Biden Cabinet confirmation schedule: When to watch hearings

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

The first hearings for President-elect Joe Biden's Cabinet nominations begin on Tuesday, with testimony from his picks to lead the departments of State, Homeland and Defense.

Why it matters: It's been a slow start for a process that usually takes place days or weeks earlier for incoming presidents. The first slate of nominees will appear on Tuesday before a Republican-controlled Senate, but that will change once the new Democratic senators-elect from Georgia are sworn in.

Kamala Harris resigns from Senate seat ahead of inauguration

Vice President-elect Kamala Harris. Photo: Mason Trinca/Getty Images

Vice President-elect Kamala Harris submitted her resignation from her seat in the U.S. Senate on Monday, two days before she will be sworn into her new role.

What's next: California Gov. Gavin Newsom has selected California Secretary of State Alex Padilla to serve out the rest of Harris' term, which ends in 2022.