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Josh Edelson / AP

Google parent company Alphabet today announced that it has led a $1 billion in ride-hailing company Lyft at an $11 billion post-money valuation, one month after Axios first reported that the two companies were in talks. The investment came via CapitalG, Alphabet's growth equity unit, with CapitalG partner David Lawee joining Lyft's board of directors.

Why it matters: Alphabet was an early investor in Lyft rival Uber via its Google Ventures unit, but since has become a legal antagonist.

Via Lawee: "Ridesharing is still in its early days and we look forward to seeing Lyft continue its impressive growth."

Stats: Lyft reports that it is giving around one million rides per say, and so far has given more rides in 2017 than in all prior years combined. It also claims to be available to 95% of the U.S. population, including state-wide coverage in 41 states.

Up round: Lyft received a $7.5 billion post-money valuation after raising $650 million in venture funding earlier this year led by Japan's Rakuten. It is not commenting on what other investors participated in the new, CapitalG-led round.

Price point: The Information last summer reported that General Motors had expressed interest in buying Lyft at $6 billion, but that the ride-hail company was holding out for $9 billion (i.e., $2b less than the new valuation). GM was, and remains, a Lyft investor.

Next: This deal certainly raises questions about whether Google Ventures will sell some or all of its Uber shares into a large secondary tender being prepared by Japan's SoftBank.

GV spokesperson: "GV and CapitalG each run entirely independently, and we each make our own investment decisions. Like any other VC on Sand Hill Road, this means that sometimes we co-invest, and sometimes we back competitors."

Go deeper

Biden will reverse Trump's attempt to lift COVID related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.