Dropbox raised $756 million in its IPO, pricing shares at $21. That's above its already-increased offering range, and indications are that it will open trading today much higher.

But most of the attention so far is on a fully-diluted IPO valuation ($9.23 billion) that falls a little short of Dropbox's last private-market valuation.

Both tweets have merit, but let's address Hunter's (since it's aimed at folks like me).

Yes, this will be a huge return for the Series A investors and a decent one for the Series B investors (using $21 as baseline). But beyond the numbers of Series C shares is that many LPs in Series A and B funds have been sitting on inflated paper valuations for more than four years (since general protocol is to mark to the most recent primary round). And those valuations have potentially impacted allocations, not to mention expectations. Moreover, many employees have had inflated expectations of their own (no matter what 409a valuation is tied to their shares).

Bottom line: The long-hold unicorn trend can have investment consequences beyond the calculator's +/- function.

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Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491Map.
  2. U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

Trump considering order on pre-existing condition protections, which already exist

Photo: Jim Watson/AFP via Getty Images

President Trump announced on Friday he will pursue an executive order requiring insurance companies to cover pre-existing conditions, something that is already law.

Why it matters: The Affordable Care Act already requires insurers to cover pre-existing conditions. The Trump administration is currently arguing in a case before the Supreme Court to strike down that very law — including its pre-existing condition protections.