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Illustration: Eniola Odetunde/Axios

PayPal (Nasdaq: PYPL) agreed to buy Honey, an app and browser plug-in for e-commerce coupons, for around $4 billion in cash and stock.

Why it matters: It's PayPal's largest-ever acquisition, and the largest-ever purchase of a Los Angeles-based tech startup.

  • ROI: Honey had raised around $55 million from Anthos Capital, Citi Ventures, Mucker Capital, and Wonder Ventures. One source tells me that the company's most recent valuation was around $700 million.
  • The bottom line: "Once installed, Honey tracks price changes on retailer websites but can also automatically input coupon codes when a user enters an online checkout. If no coupons are available, Honey may also offer loyalty points that can be redeemed as gift cards. Given that PayPal already has 24 million online merchants, its latest acquisition will allow it to better target and personalize experiences for consumers the minute they arrive on a website." — Matt Brian, Engadget

Go deeper:

Go deeper

Journalism enters dangerous new era

Illustration: Brendan Lynch/Axios

The Capitol attack on Jan. 6 resulted in at least nine physical assaults against journalists and at least five arrests, per the U.S. Press Freedom Tracker's top editor.

Why it matters: President Trump's harsh rhetoric towards the press has empowered leaders abroad and locally in the U.S. to continue to attack press that they don't like.

Ben Geman, author of Generate
3 hours ago - Politics & Policy

The beginning of the beginning for Biden's climate push

Illustration: Annelise Capossela/Axios

Joe Biden's inauguration and the days right after will bring a rat-tat-tat burst of climate policy moves, but keep this in mind amid the splashy pledges: pushing through most of his agenda will be a long, uncertain slog.

Why it matters: Biden's climate plan is far more expansive than anything contemplated under President Obama. But for all the immediate pledges, it will take years to see how far Biden gets.

Dion Rabouin, author of Markets
4 hours ago - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.

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