LegalZoom today announced that it's the subject of a $500 million secondary investment that Axios has learned values the legal services company north of $2 billion.

Why it matters: Some of the new investors are mutual funds, which suggests an IPO could be in LegalZoom's future. The company previously filed in 2012 but never got lift-off.

  • Francisco Partners and GPI Capital co-led the new investment, with Franklin Templeton and Neuberger Berman also participating.
  • Permira, which acquired a control stake in 2014 for around $200 million, is selling into the round but will remain LegalZoom's largest single shareholder.
  • In 2014 I reported that around 30% of LegalZoom's revenue came from subscription services, but Permira wanted that figure to top 50%. It now has.

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12 mins ago - Health

The cardiac threat coronavirus poses to athletes

Illustration: Annelise Capossela/Axios

Cardiologists are increasingly concerned that coronavirus infections could cause heart complications that lead to sudden cardiac death in athletes.

Why it matters: Even if just a tiny percentage of COVID-19 cases lead to major cardiac conditions, the sheer scope of the pandemic raises the risk for those who regularly conduct the toughest physical activity — including amateurs who might be less aware of the danger.

President Trump's suburbs

Photo illustration: Annelise Capossela/Axios. Photo: Tom Williams/CQ Roll Call.

President Trump cast an outdated vision of "the 'suburban housewife'" as he swiped this week at Joe Biden's newly minted running mate Kamala Harris — building on his months-long play to drive a wedge through battleground-state suburbs by reframing white voters' expectations.

The big picture: As he struggles to find an attack that will stick against the Biden campaign, Trump for a while now has been stoking fears of lawless cities and an end to what he's called the “Suburban Lifestyle Dream.” It’s a playbook from the ‘70s and ‘80s — but the suburbs have changed a lot since then.

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.