Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Sarah Grillo/Axios

Facebook's latest firestorm highlights a broader reckoning over what public companies should disclose to investors, both about their external impacts and their inner workings.

Why it matters: The belief that all companies need to disclose is how much money they’re making, and how much they’re spending, is quickly becoming outdated.

Of note: Companies have been caught off guard by discrimination and harassment disclosures, with investors filing lawsuits against Google and Activision Blizzard as a result of blockbuster revelations.

  • Following the news that California’s Department of Fair Employment and Housing is suing Activision Blizzard for systemic gender discrimination and sexual harassment, shareholders filed a lawsuit against the company for keeping them in the dark about the investigation.
  • Similarly, in 2019, investors sued Google after an extensive report by the New York Times revealed the company had been covering up sexual harassment cases involving executives and even paying them large exit packages.

What's happening: Lawmakers and regulators are putting more rules and laws on the books to get more information to emerge. For example:

  • Climate change: The SEC is working on mandating disclosures from publicly listed companies about their climate-related risks. Others, like the Fed, have also signaled an interest in such disclosures.
  • Anti-NDA laws: California, Silicon Valley’s home state, passed a law this week that will allow workers to speak about any form of workplace discrimination they've experienced, even if they signed non-disclosure agreements. The state previously added this protection for sexual harassment only.
  • Data breaches: U.S. laws require companies to disclose data breaches in a timely manner. In 2018, Uber settled both with individual states and the FTC for hiding a 2016 customer data breach for over a year. The Justice Department also announced this week a new plan to get government contractors to disclose breaches.

Yes, but: Private companies still have a lot more latitude when it comes to what they’re required to reveal to investors.

  • The latter are also considered more sophisticated because they’re mostly "accredited investors," who can be trusted to evaluate risky investments.
  • And that’s how we end up with situations like Theranos and Ozy Media, to name just two.

Go deeper

Lyft's first safety report shows over 4,000 sex assaults in 3 years

Photo: Thomas Trutschel/Photothek via Getty Images

Nearly two years after rival Uber did the same, ride-hailing company Lyft released its first ever safety report, showing that between 2017 and 2019 it received 4,158 reports of sexual assault of passengers and drivers on its service in the U.S.

Why it matters: The companies have been criticized over the years for not doing enough to prevent safety incidents, and for how victims are treated afterwards.

  • And while Uber has received much more negative attention over the years for its internal turmoil and aggressive business tactics, media investigations and lawsuits from victims have shown that the more cosily branded competitor has faced similar challenges when it comes to customer safety.
  • Back in 2018, both companies committed to releasing reports, even to potentially collaborate.

By the numbers:

  • Total number of sexual assault incidents on Lyft: 1,096 in 2017, 1,255 in 2018, and 1,807 in 2019.
  • Total number of motor vehicle fatalities: 22 in 2017, 34 in 2018, and 49 in 2019.
  • Fatal physical assaults: 3 in 2017, 3 in 2018, and 4 in 2019.
  • During that period, the reporting parties across the five sexual assault categories were as follows: Drivers: 38%; riders: 52%; third parties: 10%.
  • The report also highlights the percentage of overall trips during which each incident category occurred as a way to underscore their rarity. Overall, incidents occurred in 0.0002% of trips.

What's next: Uber is expected to publish its second safety report later this year.

Go deeper:

Biden says presidency "will be determined" by outcome of spending plans

President Biden walks with House Speaker Nancy Pelosi after addressing the House Democratic caucus on Thursday. Photo: Jim Watson/AFP via Getty Images

President Biden told the House Democratic caucus Thursday "my presidency will be determined" by the votes he wants in the next week on his $1.75 trillion social safety net expansion and $1.2 trillion infrastructure package.

Driving the news: Biden made the comment, according to a source in the room, as he tried to rally support for the $1.75 trillion package. House Speaker Nancy Pelosi acted immediately, calling for a vote on the $1.2 trillion bipartisan infrastructure bill later in the day.

Ben Geman, author of Generate
47 mins ago - Energy & Environment

China declines to speed emissions cuts in new UN pledge

A view of the skyscrapers in the haze in Shanghai, China, in December 2020. Photo: Feature China/Barcroft Media via Getty Images

Chinese leaders are sticking with a prior target to bring the country's carbon emissions to a peak before 2030, according to documents filed with the United Nations Thursday under the Paris climate agreement.

Why it matters: The new documents come just days ahead of the UN climate summit (COP26) in Glasgow. China is by far the world's largest greenhouse gas emitter, and its emissions path is key to whether the temperature-limiting goals of the Paris agreement can remain within reach.