Former Facebook executive Chamath establishes $250 million SPAC company seeking to merge with DeFi and other companies for IPO According to Foresight News, former Facebook executive Chamath Palihapitiya has formed the latest blank check company after giving up the stock industry for nearly three years, stating that its $250 million special purpose acquisition company, American Exceptionalism Acquisition Corp. A, will seek to merge with a company in the energy production, artificial intelligence, decentralized finance, or defense industry sectors. Chamath Palihapitiya has been eyeing Bitcoin for many years and vigorously promoting the demand for products such as stablecoins and blockchain technology.