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Susan Montoya Bryan / AP

Lyft reportedly expects to turn a profit next year

Despite being much smaller than rival Uber, Lyft is reportedly shrinking the gap between its revenue and losses, and expects to be profitable in 2018, according to tech news site The Information.

In 2016, Lyft lost about $600 million and generated $700 million in revenue. The year before, it lost more than twice as much as it brought in: $200.6 million in revenue, and a loss of $412 million.

Why it matters:

  1. As The Information points out, there is a chance Lyft could turn a profit before Uber does, despite the latter being much larger and with deeper pockets.
  2. Lyft's steps toward profitability also show that the ride-hailing business model could prove to be sustainable, despite the skepticism about its reliance on subsidizing customers' rides.
Silicon Valley's FDA hopes

Entrepreneur and investor Balaji Srinivasan met with Trump on Thursday as a potential candidate to join the FDA. Srinivasan currently leads a Bitcoin startup, but he previously helped found a genetic testing company and headed a venture capital firm's health tech investments.

Trump also met with Jim O'Neill, a former Health and Human Services official under George W. Bush who currently works at a Silicon Valley investment firm founded by Peter Thiel.

Why it matters: It's no secret that Silicon Valley has long been frustrated with health and medicine regulations, largely avoiding those industries as a result. So it's no surprise that many are cheering the possibility that one of their own could push the FDA to be friendlier to entrepreneurs and make experimentation easier.

Go deeper

39 mins ago - Politics & Policy

McConnell drops filibuster demand, paving way for power-sharing deal

Senate Majority Leader Chuck Schumer (R) and Minority Leader Mitch McConnell attend a joint session of Congress. Photo: Olivier Douliery/AFP via Getty Images

Senate Minority Leader Mitch McConnell has abandoned his demand that Democrats state, in writing, that they would not abandon the legislative filibuster.

Between the lines: McConnell was never going to agree to a 50-50 power sharing deal without putting up a fight over keeping the 60-vote threshold. But the minority leader ultimately caved after it became clear that delaying the organizing resolution was no longer feasible.

2 hours ago - Technology

Scoop: Google won't donate to members of Congress who voted against election results

Sen. Ted Cruz led the group of Republicans who opposed certifying the results. Photo: Stefani Reynolds/Pool/AFP via Getty Images

Google will not make contributions from its political action committee this cycle to any member of Congress who voted against certifying the results of the presidential election, following the deadly Capitol riot.

Why it matters: Several major businesses paused or pulled political donations following the events of Jan. 6, when pro-Trump rioters, riled up by former President Trump, stormed the Capitol on the day it was to certify the election results.

3 hours ago - Politics & Policy

Minority Mitch still setting Senate agenda

Illustration: Aïda Amer/Axios

Chuck Schumer may be majority leader, yet in many ways, Mitch McConnell is still running the Senate show — and his counterpart is about done with it.

Why it matters: McConnell rolled over Democrats unapologetically, and kept tight control over his fellow Republicans, while in the majority. But he's showing equal skill as minority leader, using political jiujitsu to convert a perceived weakness into strength.