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Exclusive: Wish raising new round at $8 billion valuation

E-commerce company Wish is raising around $250 million in new funding at a valuation north of $8 billion, Axios has learned from multiple sources. Several mutual funds are expected to participate, including Wellington Management, alongside existing shareholders. A final close is imminent, and comes just months after Wish announced an investment led by Everbright-IDG Industrial Fund, which was rumored to be worth $500 million on a $4 billion post-money valuation.

Why it matters: Wish is complicating the narrative that the battle for global e-commerce dominance will be a three-way contest between Amazon, Alibaba and Walmart. Maybe that's why both Amazon and Alibaba reportedly considered trying to buy it a couple years back.

Here's the bull case for Wish:

  • Wish vs. Amazon: Wish uses social discovery to find and offer goods at very deep discounts, by shipping most goods directly from Chinese manufacturers. It also has gone deep into international markets.
  • Wish vs. Alibaba: Wish may have a strong international presence, but it's very much a product of Silicon Valley. Were Alibaba to buy Wish, it would be an interesting way to take the fight to Amazon on its home market turf.
  • Wish vs. Walmart: Wish has a much larger SKU selection than Walmart, and often targets very similar consumers in the U.S.

On the other hand... Wish is trying to compete with Amazon and Alibaba in their core competency, kind of like tried before being acquired by Walmart for $3 billion (which likely removes Walmart from the ranks of potential Wish acquirors). For Wish and its investors, that's either very brave or very stupid.

Funding history: Wish to date has raised over $1 billion in venture funding, from firms like Everbright-IDG, Founders Fund, GGV Capital, GST Global, Temasek, Third Point Ventures and Formation 8.

Haley Britzky 12 hours ago
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Zuckerberg happy to testify if it is "the right thing to do”

A portrait of Facebook founder Mark Zuckerberg
A portrait of Facebook founder Mark Zuckerberg. Photo: Jaap Arriens / NurPhoto via Getty Images

Facebook CEO Mark Zuckerberg said he would be "happy" to testify before Congress if it was "the right thing to do," in an interview with CNN's Laurie Segall.

Why it matters: Facebook has been under the microscope lately for what Zuckerberg called earlier today the "Cambridge Analytica situation." Zuckerberg said if he was the "person...who will have the most knowledge," then he'd be the one to testify in the face of Facebook's data-collection situation.

Bob Herman 10 hours ago
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Jamie Dimon's $141 million payday

JPMorgan Chase CEO Jamie Dimon speaks at an event.
JPMorgan Chase CEO Jamie Dimon speaks at an event in 2016. Photo: Win McNamee / Getty Images

JPMorgan Chase CEO Jamie Dimon took home more than $141 million in 2017 after calculating the actual realized value of his stock, according to a preliminary draft of the banking giant's annual proxy document. Dimon's compensation is calculated as $28.3 million when using the estimated fair value of his stock. But that compensation figure doesn't matter as much because it doesn't reflect what executives report in their personal income tax filings.

Why it matters: It's the highest pay package of any active corporate CEO from 2017, based on Securities and Exchange Commission documents that have been filed thus far. Dimon's compensation is also 1,818 times higher than what the average JPMorgan employee makes.