Netflix CEO Reed Hastings once called his company a "rerun TV" company. Its transformation into an original content machine is impressive — and really expensive.

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Data: YCharts, FactSet; Note: Share price adjusted for stock splits; Chart: Harry Stevens/Axios

It takes about 2 years for a new show to go from production to screen. That means 2 years before Netflix sees a single cent in the form of marginal subscriber revenue from any given original show.

Driving the news: Netflix expects it will burn a bigger-than-expected $3.5 billion this year. Hastings sees the epic cash burn as a good thing for the company; still, he has reassured investors that 2019 will mark be “peak” negative free cash flow for his company.

  • The near-consensus view for Wall Street's Netflix bulls is that its cash burn ultimately doesn’t matter, especially if it's consistently growing its subscriber base.

By the numbers: Judging by the stock's performance since Netflix went public in 2002, investors like Netflix whether the company is burning huge sums of cash or not.

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Trump claims TikTok will be banned if not sold by Sept. 15

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.

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.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 18,147,574 — Total deaths: 690,573 — Total recoveries — 10,753,815Map.
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  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.

Filing suggests Manhattan DA is investigating Trump for possible fraud

Photo: Brendan Smialowski/AFP

The Manhattan District Attorney's office suggested for the first time Monday that it's investigating President Trump and his company for "alleged bank and insurance fraud," the New York Times first reported.

The state of play: The disclosure was made in a filing in federal court that seeks to force accounting firm Mazars USA to comply with a subpoena for eight years of Trump's personal and corporate tax returns.