Dolls Kill, a Los Angeles-based fashion brand and retailer, raised $40 million in Series B funding led by Sequoia Capital.

Why it matters: This is Hot Topic for digital natives, leveraging social media comments to find its models and focusing on sub-cultures that often congregate online.

Details: No official word on valuation, but a source puts it in the $400 million range. Dolls Kill previously raised around $20 million from groups like Maveron, Lewis Trust Group, and Angel Capital Management.

The bottom line: "I was a customer before investing... Dolls Kill isn't about being trendy. It's about expressing your authentic self above all else. This idea of has more widespread appeal than one may think, especially among younger generations who value individuality and authenticity above conformity and perfection." — Amy Sun, Sequoia Capital

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Trump issues order banning TikTok after 45 days

Illustration: Aïda Amer/Axios

Americans and U.S. companies will be banned from making transactions with ByteDance, the Chinese owner of TikTok, in 45 days, according to a new executive order President Trump issued Thursday evening.

The big picture: Last week Trump announced his intention to ban TikTok but said he'd leave a 45-day period for Microsoft or other U.S.-based suitors to try to close a deal to acquire the popular video-sharing app.

Bill Hagerty wins Republican Senate nomination in Tennessee primary

Former U.S. Ambassador to Japan Bill Hagerty speaking at CPAC in 2019. Photo: Mandel Ngan/AFP via Getty Images

Former U.S. Ambassador to Japan Bill Hagerty won the Tennessee Republican Senate primary on Thursday evening, beating out surgeon Manny Sethi for GOP Sen. Lamar Alexander's seat, who announced his retirement in late 2018, AP reports.

Why it matters: Though the race narrowed in July, Hagerty — who received President Trump's endorsement in 2019 — stuck close to the president's messaging and touted his Tennessee roots.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 18,982,658 — Total deaths: 712,266— Total recoveries — 11,477,642Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 4,873,747 — Total deaths: 159,931 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Pelosi rips GOP over stimulus negotiations: "Perhaps you mistook them for somebody who gives a damn" — Ohio Gov. Mike DeWine tests positive.
  4. Public health: Majority of Americans say states reopened too quicklyFauci says task force will examine aerosolized spread.
  5. Business: The health care sector imploded in Q2More farmers are declaring bankruptcyJuly's jobs report could be an inflection point for the recovery.
  6. Sports: Where college football's biggest conferences stand on playing.