Pine Island Acquisition has close ties to the Biden administration, the Intercept reports. The SPAC is seeking to merge with a defense company, while Secretary of State nominee Antony Blinken is an “adviser” to the firm. Defense Secretary nominee Lloyd Austin is also affiliated with the SPAC, as is Michèle Flournoy, who was also being considered for defense secretary. Director of National Intelligence designate Avril Haines is employed by Westexec Advisors, the consulting firm that is closely associated with Pine Island.
Blinken also has a business relationship with Chamath Palihapitiya, who has sponsored six SPACs with his company Social Capital over the past few years, making him one of the most active participants in the space. Blinken has an equity stake in the general partnership of Social Capital. Read more.
