The Apple logo at the Apple store. Photo: Alexander Phol/NurPhoto via Getty Images.

The Financial Times has a new tracker, featuring race cars and a checkered flag, "Track the market cap race to a trillion: Will Apple, Amazon, Microsoft or Alphabet reach the ‘quatro commas’ club first?" (Subscription.)

The state of play: "Apple is closest to becoming the first [public] company to achieve a $1tn valuation, but Amazon, Alphabet and Microsoft are not far behind."

  • The paper today begins a series, "Race to a trillion": "Leading tech companies have enjoyed surges in market capitalization, as revenues and profits have powered ahead and investors showed an insatiable appetite for their shares."

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Trump's new TikTok threat

Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 3 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.