While Uber is having a challenging last two months, smaller rival Lyft is reportedly seizing the opportunity to raise some additional funding, according to a report from the Wall Street Journal citing anonymous sources.

The ride-hailing company is said to be in talks with investors to raise at least $500 million at a valuation between $6 billion and $7 billion. Lyft was valued at $5.5 billion when it last raised funds in early 2016.

Why more money? It's unclear why exactly Lyft would want to raise more funding right now. Though it did lose $600 million on $700 million in revenue last year, according to The Information, it still had $1.4 billion in cash in the bank as of August. If anything, the company is most likely fundraising now to further take advantage of Uber's recent troubles and backlash from consumers, which have significantly benefitted Lyft's business. As of Feb. 13, Lyft accounted for 20.8% of all U.S. spending on ride-hailing services, up from 16.5% two weeks earlier, according to data from Second Measure provided to the Journal.

Go deeper

Updated 26 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 18,149,860 — Total deaths: 690,624 — Total recoveries — 10,753,318Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 4,690,404 — Total deaths: 155,124 — Total recoveries: 1,468,689 — Total tests: 56,812,162Map.
  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
  4. Business: Virtual school is another setback for retail — The pandemic hasn't hampered health care.
  5. Public health: Former FDA chief says MLB outbreaks should be warning sign for schools.
27 mins ago - Podcasts

White House adviser Peter Navarro talks TikTok

President Trump has relaxed his threat to immediately ban the popular social media app TikTok, giving Microsoft room to negotiate an acquisition from Chinese tech giant ByteDance.

Axios Re:Cap digs into the situation with Peter Navarro, the White House's top trade adviser and a noted China hawk, who suggests Microsoft should be forced to make unrelated concessions related to its China operations.

Trump says TikTok will be banned if not sold by Sept. 15, demands cut of sale fee

President Trump said Monday that TikTok will be shut down in the U.S. if it hasn't been bought by Microsoft or another company by Sept. 15, and argued — without elaborating — that the U.S. Treasury should get "a very substantial portion" of the sale fee.

Why it matters: Trump appears to have backed off his threat to immediately ban TikTok after speaking with Microsoft CEO Satya Nadella, who said Sunday that the company will pursue discussions with TikTok’s Chinese parent company ByteDance to purchase the app in the U.S.