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Illustration: Annelise Capossela/Axios

Box won its proxy fight with hedge fund Starboard Value, which had nominated three directors, sought to oust CEO Aaron Levie and opposed a $500 million investment from KKR.

Why it matters: Activist investors rarely lose when they go up against tech companies, either getting what they want via shareholder votes or settlements. Box's success, partially enabled by KKR's deep pockets, could represent a sea change; at least in terms of tech company confidence.

Cap table: Starboard continues to hold an 8.4% stake in Box.

The bottom line: "This appears to be the first proxy fight Starboard has lost ... since AOL in 2012," CNBC writes.

Go deeper

McCarthy asks Supreme Court to overturn House proxy voting rules

House Minority Leader Kevin McCarthy (R-Calif) speaks during a news conference at the Capitol on Aug. 27, 2021. Photo: Al Drago/Bloomberg via Getty Images

House Minority Leader Kevin McCarthy (R-Calif.) is asking the Supreme Court to overturn the House proxy voting protocols that were implemented last year as a pandemic precaution.

Driving the news: McCarthy issued a statement Thursday blasting the proxy voting protocols, which allow lawmakers who are not present to choose other members as proxies to cast their votes.

Obama says Powell exemplified what America "can and should be"

Then-President Obama speaks alongside former Secretary of State Colin Powell (left) during a meeting in the Oval Office in 2010. Photo: Saul Loeb/AFP via Getty Images

Former President Obama called Colin Powell an "exemplary soldier and an exemplary patriot" in a statement honoring the former general following his death from COVID complications on Monday.

Why it matters: Powell, the first Black U.S. secretary of state, was known as a Republican but played a critical role in helping Obama get elected in 2008.

Justice Department asks Supreme Court to block Texas abortion ban

Abortion rights activists rally at the Texas State Capitol on Sept. 11 in Austin, Texas. Photo: Jordan Vonderhaar/Getty Images

The Justice Department on Monday asked the Supreme Court to temporarily block Texas' near-total ban on abortions while federal courts consider its constitutionality.

The big picture: The court last month allowed the ban to take effect, rejecting an emergency application by abortion-rights groups. The law bars the procedure after cardiac activity is detected, as early as six weeks into pregnancy.