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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.

European Super League faces collapse after English soccer teams quit

Fans of Chelsea Football Club protest the European Super League outside Stamford Bridge soccer stadium in London, England. Photo: Rob Pinney/Getty Images

The European Super League announced in a statement Tuesday night it's "proposing a new competition" and considering the next steps after all six English soccer clubs pulled out of the breakaway tournament.

Why it matters: The announcement that 12 of the richest clubs in England, Spain and Italy would start a new league was met with backlash from fans, soccer stars and politicians. The British government had threatened to pass legislation to stop it from going ahead.

Corporate America finds downside to politics

Illustration: Annelise Capossela/Axios

Corporate America is finding it can get messy when it steps into politics.

Why it matters: Urged on by shareholders, employees and its own company creeds, Big Business is taking increasing stands on controversial political issues during recent months — and now it's beginning to see the fallout.