Attendees lay on Serta mattresses at the 2015 CES. Photo: Robyn Beck/AFP/Getty Images

Serta Simmons Bedding, an Atlanta-based portfolio company of Advent International, agreed to acquire Phoenix-based mattress and bedding company Tuft & Needle.

Why it matters: Because direct-to-consumer mattress startups like Tuft & Needle are estimated to have taken around a 20% market share from incumbents, which means this deal may be just the first of many. Plus, Tuft & Needle is the rate company in this space to have not taken any venture capital.

  • Reminder: Mattress upstarts like Tuft & Needle, Casper and Leesa use technology to sell product, but they are not technology companies.
  • Bottom line: "Selling out to Big Mattress, as some observers refer to old-line players like Serta Simmons, might seem counterintuitive... But the landscape is changing rapidly as direct-to-consumer mattress brands sign deals with retail stores and old brands try to gain online shoppers." — Amy Feldman, Forbes

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Trump's new TikTok threat

Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 3 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.