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Last week we cited a Bloomberg report about how Chinese bike-sharing startup Ofo had raised $450 million in VC funding at a valuation north of $1 billion. Now, however, there are questions about whether that total is legit. Per China Money Network:

"A number of Wechat screenshots have circulated showing unnamed individuals accusing Ofo of faking the US$450 million number, claiming the company raised only a portion of that amount."

Normally I wouldn't share such un-sourced speculation, except that neither the company nor any of its investors are returning requests for comment. Or, to be more specific, requests to simply confirm that the company raised what it said it raised. Not even emailing back: "I can't talk about it." Just straight radio silence, which is pretty unusual for some of these folks.

Moreover, two VCs with major China exposure tell me that the alleged Ofo raise inflation is an open secret, perhaps designed to put a little fear into rivals like Mobike (whose own recent raise size was confirmed to Axios by investor TPG). Oh, and someone familiar with some earlier Ofo exposure tells me that the "situation is still in flux," but declined to elaborate. So let's keep an eye on this one...

Go deeper

Biden embarks on a consequential presidency

Photo illustration: Sarah Grillo/Axios. Photo: Joe Raedle/Getty Images

Donald Trump tried everything to delegitimize the rival who vanquished him. In reality, he's set Joe Biden on course to be a far more consequential U.S. president than he might otherwise have become.

The big picture: President Biden now confronts not just a pandemic, but massive political divisions and an assault on truth — and the aftermath of the assault on the Capitol two weeks ago that threatened democracy itself.

Updated 32 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Representatives from all branches of the military escort the 46th president to the White House.

Inaugural address: Biden vows to be "a president for all Americans"

Moments after taking the oath of office, President Biden sought to soothe a nation riven by political divisions and a global pandemic, while warning that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

Why it matters: From the same steps that a pro-Trump mob launched an assault on Congress two weeks earlier, the new president paid deference to the endurance of American political institutions.