Sep 14, 2017

Google in talks to invest in Lyft

Josh Edelson / AP

Google has held talks to invest around $1 billion in Lyft, Axios has learned from multiple sources. Bloomberg is reporting the same. It is unclear which group within Google would make the investment — the company has several investment arms and also invests off its balance sheet — but word is that this is being driven by top-level executives like Alphabet CEO Larry Page.

Why it matters: It would be a stunning move, given that Google was an early investor in Lyft rival Uber, even though the two companies have since gotten litigious over allegations of trade secret theft. Or, as one Uber investor explained it to Axios: "That is seriously messed up."

Complication: SoftBank currently is in talks to invest in Uber, but is insisting on a minimum ownership of 17.3% (i.e., some existing shareholders would need to sell). If SoftBank can't reach that threshold, it has threatened to instead invest in Lyft — a move that theoretically could impact the company's negotiations with Google.

Funding history: Lyft has raised over $2 billion in funding to date, from backers like General Motors, Carl Icahn, Andreessen Horowitz, Floodgate, Mayfield, Coatue Management, Founders Fund and Rakuten.

A Lyft spokesperson declined comment. Google has not yet returned requests for comment.

Go deeper

Biden rolls out new policies in effort to court Sanders supporters

Photo: Scott Olson/Getty Images

The Biden campaign announced two new policies on Thursday on health care and student debt that are squarely aimed at appealing to supporters of Bernie Sanders, who ended his campaign for the Democratic nomination on Wednesday.

Why it matters: The policies don't go as far as Sanders' platform, but they signal that Biden is serious about incorporating elements of his former rival's agenda in an effort to help unify the Democratic Party and defeat President Trump in the general election.

Reports: Saudi Arabia and Russia reach major deal to cut oil production

Photo: Joe Klamar/AFP via Getty Images

OPEC+, led by mega-producers Saudi Arabia and Russia, reached a tentative agreement Thursday to impose large cuts in oil production as the coronavirus pandemic fuels an unprecedented collapse in demand, per Bloomberg and Reuters.

Why it matters: The revival of OPEC+ collaboration patches up the early March rupture between the countries, which had pushed already depressed prices down much further by threatening to unleash even more new supplies into the saturated market.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 1,506,936 — Total deaths: 90,057 — Total recoveries: 340,112Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 432,596 — Total deaths: 14,831 — Total recoveries: 24,235Map.
  3. Federal government latest: President Trump is preparing to launch a second coronavirus task force focused on reviving the U.S. economy.
  4. Public health latest: U.S. has expelled thousands of migrants under coronavirus public health orderDr. Anthony Fauci said social distancing could reduce the U.S. death toll to 60,000.
  5. Business latest: The Fed will lend up to $2.3 trillion for businesses, state and city governments — Another 6.6 million jobless claims were filed last week.
  6. World update: Boris Johnson is moved out of ICU but remains in hospital with coronavirus
  7. 🎧 Podcast: Your hydroxychloroquine questions answered.
  8. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.