Illustration: Rebecca Zisser/Axios

Lambda School, a San Ramon, Calif.-based coding school, raised $30 million in Series B funding at a $150 million post-money valuation. Bedrock Capital led, and was joined by Vy Capital, GGV Capital, Google Ventures, Y Combinator and Sound Ventures.

Why it matters: Because Americans owe around $1.5 trillion in student debt, significantly more than they owe on credit cars or for vehicles, and Lambda is helping to pioneer a model that eschews tuition in favor of repayments via a percentage of future salary.

  • Lambda expects to train 3,000 students this year, just opened shop in Europe and CEO Austen Allred tells Axios that it plans Canada expansion either in Q1 or Q2 of this year. It also plans to soon expand its curriculum into cybersecurity, and next into medical services like nursing (which may include the purchase and reformatting of an existing school).

The bottom line: "It is an approach meant to treat students as investments rather than cash cows — a fundamental shift that could finally lift the crippling debt load we routinely push onto students. But it also comes with a peculiar kind of danger: By seeking safe investments, programs like this could cast aside the strides made to expand educational opportunities to higher-risk students and reduce the appeal of educations that focus on noble, but lower compensated, professions," writes Andrew Ross Sorkin in the New York Times.

Go deeper: The good news about student loans

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Trump's new TikTok threat

Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 4 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.