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Peter Thiel. Photo: Michael Cohen/Getty Images for the New York Times

Peter Thiel is involved in a new SPAC that on Wednesday filed for a $575 million IPO, becoming the latest Silicon Valley tech investor to ride Wall Street's hottest wave.

Why it matters: Thiel, who co-founded PayPal, is one of the few top Silicon Valley investors who have close ties to the Trump administration. He also sits on the board of Facebook.

The SPAC is called Bridgetown Holdings, and it will seek to buy a tech, financial services or media company in Southeast Asia.

  • Thiel Capital is one of its sponsors, alongside Pacific Century and Pine Bridge Investments.
  • Matt Danzeisen, Thiel's husband and head of private investments at Thiel Capital, is the SPAC's chairman. Its CEO is Pacific Century executive Daniel Wong, while Sam Altman (CEO of OpenAI, former president of Y Combinator) is on the board.

Go deeper: Reid Hoffman, another PayPal alum, joined today's Axios Re:Cap podcast to discuss why so many tech investors have created SPACs:

Go deeper

Dan Primack, author of Pro Rata
Nov 30, 2020 - Economy & Business

What to know about the private equity firm linked to Tony Blinken

Photo: Mark Makela/Getty Images

Expect to begin hearing a lot about private equity firm Pine Island Capital Partners, as its partners include Tony Blinken (Biden's secretary of state nominee, now on leave from Pine Island) and Michèle Flournoy (Biden's possible defense secretary nominee).

What to know: Pine Island was formed in 2018 by former CIT Group and Merrill Lynch CEO John Thain, former Goldman Sachs buyout big Phil Cooper, and ex-Coca-Cola executive Clyde Tuggle. It focuses on mid-market companies in a variety of sectors, including aerospace and defense.

Erica Pandey, author of @Work
1 hour ago - Economy & Business

The limits of Biden's plan to cancel student debt

Data: New York Fed Consumer Credit Panel/Equifax; Chart: Axios Visuals

There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.

Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.

Why made-for-TV moments matter during the pandemic

Photo illustration: Sarah Grillo/Axios. Photos: Erin Schaff-Pool, Biden Inaugural Committee via Getty Images

In a world where most Americans are isolated and forced to laugh, cry and mourn without friends or family by their side, viral moments can offer critical opportunities to unite the country or divide it.

Driving the news: President Biden's inauguration was produced to create several made-for-social viral moments, a tactic similar to what the Democratic National Committee and the Biden campaign pulled off during the Democratic National Convention.