Andy Rubin checks his Android smartphone. Photo: Kim Kulish/Corbis via Getty Images

Essential Products Inc., the startup of Android creator Andy Rubin, has cancelled production of its latest phone and is considering selling itself, Bloomberg reports, citing people familiar with the matter.

Why it matters: Rubin had raised a ton of money but sales of its first phone were sluggish.

The details: Essential has reportedly commissioned Credit Suisse Group AG to broker the potential sale and "is now actively shopping itself to potential suitors," per Bloomberg. The company had been valued between $900 million to $1 billion last year, Bloomberg adds. Essential didn’t comment directly on the possible sale, but confirmed to Axios in a statement it has canceled some projects. 

“We always have multiple products in development at the same time and we embrace canceling some in favor of the ones we think will be bigger hits. We are putting all of our efforts towards our future, game-changing products, which include mobile and home products.”
— Spokesperson for Essential

The bottom line: Essential had hoped to do more than phones, but by starting with a phone, the company risked not getting beyond that. The phone market is a highly competitive business where most of the Android sales and profits go to Samsung as others fight for scraps.

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 6:30 a.m. ET: 30,199,007 — Total deaths: 946,490— Total recoveries: 20,544, 967Map
  2. U.S.: Total confirmed cases as of 6:30 a.m. ET: 6,675,593 — Total deaths: 197,644 — Total recoveries: 2,540,334 — Total tests: 90,710,730Map
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  4. Health: Pew: 49% of Americans wouldn't get COVID-19 vaccine if available today Pandemic may cause cancer uptick The risks of moving too fast on a vaccine — COVID-19 racial disparities extend to health coverage losses.
  5. Business: Retail sales return to pre-coronavirus trend.
Mike Allen, author of AM
2 hours ago - Politics & Policy

Scoop: Mike Bloomberg's anti-chaos theory

CNN's Anderson Cooper questions Joe Biden last night at a drive-in town hall in Moosic, Pa., outside Scranton. Photo: CNN

Mike Bloomberg's $100 million Florida blitz begins today and will continue "wall to wall" in all 10 TV markets through Election Day, advisers tell me.

Why it matters: Bloomberg thinks that Joe Biden putting away Florida is the most feasible way to head off the national chaos we could have if the outcome of Trump v. Biden remained uncertain long after Election Day.

Biden's hardline Russia reset

Photo Illustration: Eniola Odetunde/Axios. Getty Images photos: Mark Reinstein

When he talks about Russia, Joe Biden has sounded like Ronald Reagan all summer, setting up a potential Day 1 confrontation with Russian President Vladimir Putin if Biden were to win.

Why it matters: Biden has promised a forceful response against Russia for both election interference and alleged bounty payments to target American troops in Afghanistan. But being tougher than President Trump could be the easy part. The risk is overdoing it and making diplomacy impossible.