Illustration: Sam Jayne / Axios

eShares, a Silicon Valley-based provider of equity management software, has raised $41 million in Series C funding co-led by Social Capital and Menlo Ventures.

Why it matters: Because proceeds will be used to help eShares expand beyond private company stock management. CEO Henry Ward says that the company already has deals with some VC-backed startups to manage their public stock ledgers post-IPO, with hopes someday of possibly launching its own exchange.

Context: The funding comes the same week as Solium Capital (TSX: SUM) acquired Capshare for its own cloud-based equity management platform.

Bottom line: eShares is really a byproduct of the IPO delay game, which has created bloated cap tables and liquidity frustrations for early employees. By adding public stock management, it hopes to essentially hedge against a trend-line reversal.

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Felix Salmon, author of Capital
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How equity became more attractive than debt

Illustration: Annelise Capossela/Axios

The prime example of something highly improbable that became conventional wisdom: The idea that both interest rates and inflation will remain near zero for well over a decade.

Why it matters: As Axios' Dan Primack writes, private equity firms (the polite rebranding of "leveraged buyouts") have historically bought companies and loaded them up with debt.

Felix Salmon, author of Capital
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When society faces the unprecedented

Illustration: Aïda Amer/Axios

Our febrile world is not normal.

The big picture: The precautions that we're taking against the spread of COVD-19; the way in which the president of the U.S. delights in violating political norms; the fires, hurricanes and other signs that catastrophic global warming has arrived; the virulent spread of the QAnon conspiracy theory — all of these things, and many more, represent a stunning break with the world as we knew it.

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 34,026,003 — Total deaths: 1,015,107 — Total recoveries: 23,680,268Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 7,237,043 — Total deaths: 207,008 — Total recoveries: 2,840,688 — Total tests: 103,939,667Map.
  3. Health: New poll shows alarming coronavirus vaccine skepticism — New research centers will study "long-haul" COVID — Coronavirus infections rise in 25 states.
  4. Business: Remdesivir is good business for Gilead.
  5. Transportation: The politics of pandemic driving.
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