May 23, 2017

Revolution's Steve Murray on impact of Snap's IPO, Softbank's VisionFund

Daniel Swartz

Steve Murray spent 20 years at Softbank before joining Revolution as a partner last year. He chatted with Axios before 1776's Challenge Cup competition kick-off event in D.C. Here are a few highlights:

On the impact of Snap's IPO:

"From what I hear from folks in the investment banking community, it has led to a pipeline that is moving through the system (and) they expect the second half of this year to have a lot more activity on the tech IPO front. As companies mature and get bigger, to the extent there are not a lot of chances to go public because of market conditions, it changes the dynamic with respect to buyers. If you have a credible threat to take a company public, it gives more balanced leverage to the company when they're having discussions about being acquired by someone else or going public."

On Softbank's new $93 billion VisionFund:

"You can't talk about anything with respect to Softbank without Masayoshi Son. If you think about what he's trying to do, he's trying to find the next Alibabas, if you will…. Masa is a huge believer in technology. He sees huge opportunities going forward. He's created this fund to have patient capital that doesn't have quite the same demands (for quick) return...They're going to have to find certain companies that can take the kind of capital they can deploy — $250 million will be a small check for them. I think it will be a challenge to deploy that. If it was being managed by someone other than Masa, I'd bet against it perhaps, but I wouldn't bet against him."

On the status of the FTC's review of the proposed DraftKings/FanDuel merger:

"I don't have an update, but it's supposed to be decided over next several weeks. Then we can get to the business of combining the businesses and getting to work." (He noted that timing is uncertain since the FTC currently has only two out of its five commissioners.)

On how entrepreneurs view Washington these days:

"There's intrigue, but ultimately, the ethos of these folks—they're so focused on building their companies and the markets they're in. Outside of the (D.C.) region, it's more of a sideshow that people talk about like a sporting event as opposed to something they really concern themselves with."

On which cities are the next innovation hotbeds:

  • Chicago, Denver, Boulder, Atlanta, Salt Lake City
  • What these cities have in common: Good universities, young workforce, the beginning of a startup ecosystem.

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Top Trump ally sounds 2020 election alarm over coronavirus response

Photo: Jim Watson/AFP via Getty Images

There is growing concern among top conservative leaders that the Trump administration isn't addressing the long-term economic impact of the coronavirus, several sources tell Axios. One top adviser said if the recovery is bungled it could cost President Trump the election.

What we're hearing: "The next 4-8 weeks is really going to decide whether Trump gets reelected," Stephen Moore, Trump's former nominee for the Federal Reserve board, told Axios. If the administration mishandles its economic recovery efforts, he said, Trump is "in big trouble."

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 1,600,427 — Total deaths: 95,506 — Total recoveries: 354,006Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 465,329 — Total deaths: 16,513 — Total recoveries: 25,410Map.
  3. Public health latest: U.S. has expelled thousands of migrants under a CDC public health orderDr. Anthony Fauci said social distancing could reduce the U.S. death toll to 60,000.
  4. Business latest: The Fed will lend up to $2.3 trillion for businesses, state and city governments — After another 6.6 million jobless claims, here's how to understand the scale of American job decimation.
  5. 2020 latest: Top conservative leaders are concerned the Trump administration isn't addressing the virus' long-term economic impact.
  6. States latest: FEMA has asked governors to decide if they want testing sites to be under state or federal control.
  7. World latest: Lockdowns have led to a decline in murders in some of the world's most violent countries — Boris Johnson is moved out of the ICU but remains in hospital with coronavirus.
  8. In Congress: Senate in stalemate over additional funding for small business relief program.
  9. 1 SNL thing: "Saturday Night Live" will return this weekend in a remotely produced episode.
  10. What should I do? Hydroxychloroquine questions answeredPets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  11. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Federal court temporarily blocks coronavirus order against some abortions

Gov. Greg Abbott. Photo: Tom Fox-Pool/Getty Images

A federal judge ruled Thursday that clinics in Texas can immediately offer medication abortions — a pregnancy termination method administered by pill — and can also provide the procedure to patients nearing the state's time limits for abortions.

Driving the news: The decision comes after federal appeals court ruled 2-1 on Tuesday in favor of an executive order by Republican Gov. Greg Abbott that prohibits abortions during the coronavirus outbreak.

Go deeperArrowUpdated 4 hours ago - Politics & Policy