Apr 27, 2017

China's ride-hail giant nears $6 billion deal

AP Photo/Mark Schiefelbein

Chinese ride-hailing giant Didi Chuxing is in the process of closing on a new funding round that would garner upwards of $6 billion at around a $50 billion post-money valuation (up from its prior private mark of $34 billion). Bloomberg reports that backers would include SoftBank, Silver Lake Kraftwerk, China Merchants Bank Co. and Bank of Communications Co. A source tells Axios that company management would retain a majority of voting rights.

This is big: Didi is beginning to approach Uber valuation levels, but without nearly as much competition in its primary market. This also would make it China's most valuable startup.

One dark cloud: "Cities including Beijing and Shanghai have imposed stricter regulations that have crimped revenue growth. Among them, drivers have to be local residents to work for Didi, cutting out thousands from the countryside who had been willing to take chauffeur jobs to make a better living." ― Lulu Yilun Chen

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Trump acknowledges lists of disloyal government officials to oust

Photo: Mandel Ngan/AFP via Getty Images

President Trump on Monday acknowledged the existence of assembled lists of government officials that his administration plans to oust and replace with trusted pro-Trump people, which were first reported by Axios' Jonathan Swan.

What he's saying: “I don’t think it's a big problem. I don’t think it's very many people,” Trump said during a press conference in India, adding he wants “people who are good for the country, loyal to the country.”

Coronavirus only part of the story behind the Dow’s drop

Photo: Andrew Burton/Getty Images

As someone has certainly told you by now, the Dow fell by more than 1,000 points yesterday, its worst day in more than two years, erasing all of 2020's gains. Most news headlines assert that the stock market's momentum was finally broken by "coronavirus fears," but that's not the full story.

What's happening: The novel coronavirus has been infecting and killing scores of people for close to a month and, depending on the day, the market has sold off or risen to record highs.

Bernie's historic Jewish fight

Illustration: Sarah Grillo/Axios

Sen. Bernie Sanders would be the first Jewish presidential nominee of a major American political party — but that history-making possibility is being overshadowed by his conflicts with America's Jewish leaders and Israel's leadership.

The big picture: That's partly because we're all focusing on the implications of Democrats nominating a self-described democratic socialist. It's also because a candidate's religion no longer seems to matter as much to voters or the media, making the potential milestone of a Jewish nominee more of a non-event.