Illustration: Aïda Amer/Axios

Pinterest has raised over $1.4 billion in its IPO, pricing shares above the top of its expected range.

The bottom line: It's a strong showing for an unprofitable unicorn on the heels of Lyft, but still values Pinterest shares a bit below where they were last sold to venture capitalists.

The IPO gives Pinterest an initial market cap of around $10 billion, and a fully diluted valuation of just over $14 billion.

  • It last sold shares on the private market at $21.54 per share, after adjusting for stock splits and dividends.

Pinterest stock begins trading Thursday on the New York Stock Exchange under ticker symbol PINS.

One explanation for the above-range pricing could be that, unlike Lyft, Pinterest seems to have a visible path to profitability. Revenue climbed from $472 million to $756 million between 2017 and 2018, while losses shrunk from $130 million to $63 million.

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Updated 11 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8:30 p.m. ET: 30,911,999 — Total deaths: 959,059— Total recoveries: 21,147,903Map.
  2. U.S.: Total confirmed cases as of 8:30p.m. ET: 6,796,384 — Total deaths: 199,474 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
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  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.

Arrest over letter to Trump containing poison ricin

President Trump returning to the White House from Minnesota on Sept. 18. Photo: Win McNamee/Getty Images

A suspect was arrested for allegedly "sending a suspicious letter" after law enforcement agents intercepted an envelope addressed to President Trump containing the poison ricin, the FBI confirmed in an emailed statement to Axios Sunday.

Details: The suspect, a woman, was arrested while trying to enter New York from Canada, law enforcement forces said.

Trump campaign goes all in on Pennsylvania

Trump poster in Scranton, Pennsylvania. Photo: Robert Nickelsberg/Getty Images

The president's campaign is placing more importance on Pennsylvania amid growing concern that his chances of clinching Wisconsin are slipping, Trump campaign sources tell Axios.

Driving the news: Pennsylvania, which has 20 electoral votes, twice Wisconsin's number, actually has been trending higher in recent public and internal polling, a welcome development for the campaign.