Illustration: Sarah Grillo/Axios

Peloton on Tuesday disclosed that it paid nearly $50 million to purchase Tonic Fitness, one of its two bike manufacturing partners in Taiwan.

Why it matters: The deal is officially about helping Peloton better control its supply chain, but CEO John Foley tells Axios it also could help the company protect itself in case of future trade tensions.

"We aren't in China meaningfully, and are very comfortable with Taiwan, but this gives us more transparency into our upstream supply chain ... So we have more optionality if we find ourselves in the position of considering stateside manufacturing."
— John Foley

Peloton on Tuesday beat Wall Street estimates on both the top and bottom lines for its first fiscal quarter of 2020, but shares nonetheless fell on continued losses.

What's next: Foley says the company will continue to focus on growth over profits, but acknowledges that it's "pulling back on little things at the margin."

  • For example, it abandoned plans for a 30-second Super Bowl ad that would have cost between $3 million and $6 million.

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Justice Department sues Google over alleged search monopoly

Illustration: Lazaro Gamio/Axios

The Justice Department and 11 states Tuesday filed an antitrust lawsuit against Google, accusing the company of using anticompetitive tactics to illegally monopolize the online search and search advertising markets.

Why it matters: The long-awaited suit is Washington's first major blow against the tech giants that many on both the right and left argue have grown too large and powerful. Still, this is just step one in what could be a lengthy and messy court battle.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 5 million infections.

In photos: Florida breaks record for in-person early voting

Voters wait in line at John F. Kennedy Public Library in Hialeah, Florida on Oct. 19. Photo: Eva Marie Uzcategui/AFP via Getty Images

More Floridians cast early ballots for the 2020 election on Monday than in the first day of in-person early voting in 2016, shattering the previous record by over 50,000 votes, Politico reports.

The big picture: Voters have already cast over 31 million ballots in early voting states as of Tuesday, per the U.S. Elections Project database by Michael McDonald, an elections expert at the University of Florida.