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Photo: Chip Somodevilla/Getty Images

Tom Steyer is going to spend $10 million — on top of his planned $110 million — to help Democrats win the House by turning out voters who support the idea of impeaching President Trump, Bloomberg reports.

Why it matters: Steyer is investing more money into helping Democrats ahead of the 2018 midterm elections than any other individual in Democratic politics.

Our thought bubble: This is the latest example of Steyer's longterm political plans. He's investing multimillions and thousands of volunteers into Dems' efforts to take back the House, and pushing them toward introducing impeachment articles if that happens. He's also setting himself up for a potential 2020 presidential run — though he hasn't confirmed that yet.

The details: The additional $10 million will go toward Steyer's "Need To Impeach" efforts — things like digital and TV ads, mailers, and phone calls. The campaign has already received 5.5 million members, which Bloomberg notes includes an average of 10,000 names for every congressional district.

Go deeper

Ben Geman, author of Generate
10 mins ago - Economy & Business

Tesla's wild rise and European plan

Tesla's market capitalization blew past $500 billion for the first time Tuesday.

Why it matters: It's just a number, but kind of a wild one. Consider, via CNN: "Tesla is now worth more than the combined market value of most of the world's major automakers: Toyota, Volkswagen, GM, Ford, Fiat Chrysler and its merger partner PSA Group."

Dave Lawler, author of World
52 mins ago - World

China's Xi Jinping congratulates Biden on election win

Photo: Paul J. Richards/AFP via Getty Images

Chinese President Xi Jinping sent a message to President-elect Biden on Wednesday to congratulate him on his election victory, according to the Xinhua state news agency.

Why it matters: China's foreign ministry offered Biden a belated, and tentative, congratulations on Nov. 13, but Xi had not personally acknowledged Biden's win. The leaders of Brazil, Mexico and Russia are among the very few leaders still declining to congratulate Biden.

Kendall Baker, author of Sports
2 hours ago - Sports

College basketball is back

Illustration: Sarah Grillo/Axios

A new season of college basketball begins Wednesday, and the goal is clear: March Madness must be played.

Why it matters: On March 12, 2020, the lights went out on college basketball, depriving teams like Baylor (who won our tournament simulation), Dayton, San Diego State and Florida State of perhaps their best chance to win a national championship.