Illustration: Eniola Odetunde/Axios

Public market investors are turning a more critical eye toward "unicorn" startups, particularly those with lax governance and big losses.

Why it matters: This comes after years of laser focus on top-line growth, and is challenging for older startups that had geared their business models to the old normal.

  • WeWork is the most obvious example, with its new co-CEOs frantically seeking to shed assets and slow expansion.
  • Postmates was supposed to have filed its IPO registration by now, but hasn't.
  • There are dozens, if not hundreds, of other mature startups caught with their income statements down.

What comes next could be familiar for anyone who's ever tried to find a plumber: More demand than supply.

  • Unicorn growth has been driven by an unprecedented number of large, later-stage venture capitalists. This includes not only the $100 billion SoftBank Vision Fund, but also hedge funds and mutual funds.
  • These "VC tourists" will thin out, putting companies in capital limbo.
  • Some startups will get ghosted by their "founder-friendly" VCs.
  • The result could be a wave of rescue rounds, in which share prices are crammed down, or outright fire-sales.

The bottom line: For companies with reasonable controls and paths to profitability, all systems remain go. We are, after all, still in the longest-ever bull market for public equities.

  • But for unicorns that never looked beyond the trough, it could be slaughter season.

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Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health — FDA releases first-ever list of medical supplies in shortage.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.