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Rebecca Zisser / Axios

When new Uber CEO Dara Khosrowshahi last week told the troops not to expect an IPO until at least 18 months from now, it sparked an interesting question: Should Lyft accelerate its own IPO plans, in order to gain a first-mover advantage?

  • The argument here seems to be one of creative destruction. A publicly-traded Lyft could effectively reset Uber's private valuation, thus causing cap table chaos, more board disputes, unhappy employees, etc.
  • Even if it doesn't raise again privately, the public comp could delay Uber's own IPO (i.e., make it wait to grow into its private valuation).
  • Plus, Lyft wouldn't have to go public in the shadow of Uber's much larger numbers (at least not fully-audited ones).

A partial comp on that latter point might be Box going out before Dropbox (hey Drew, we're still waiting!). Had the larger Dropbox gone out first and then traded poorly, then it might have made it harder for Box to price. Box going early also let it better dictate its own narrative.

But... None of this is terribly compelling. Not even to folks close to Box and Dropbox, who I asked about the Lyft/Uber situation. They all feel that, once both companies are eventually public, the "who went first" issue becomes largely meaningless.

Note that this is pure game theory. A Lyft source tells me: "I'm not sure their plans should influence ours — it's not the way we're thinking about it for sure."

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Moderna's COVID-19 vaccine is effective against new variants of the virus that first appeared in the U.K. and in South Africa, the company announced on Monday.

Yes, but: The vaccine was as effective against the strain from U.K., but saw a six-fold reduction in antibodies against the South Africa variant. Even still, the neutralizing antibodies generated by the vaccine "remain above levels that are expected to be protective," according to the company.

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Updated 1 hour ago - World

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Chinese President Xi Jinping warned that a "new cold war" could turn hot, and must be avoided, in a speech on Monday at World Economic Forum’s virtual “Davos Agenda” conference.

Why it matters: Xi didn't refer directly to U.S.-China tensions, but the subtext was clear. These were his first remarks to an international audience since the inauguration of President Biden, whose administration has already concurred with Donald Trump's determination that China is committing "genocide" against Uyghur Muslims, and issued a warning about China's aggression toward Taiwan.

Updated 2 hours ago - Politics & Policy

Dominion files $1.3 billion defamation lawsuit against Rudy Giuliani

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Dominion Voting Systems filed a defamation lawsuit against Rudy Giuliani on Monday seeking $1.3 billion in damages for his "demonstrably false” allegations about the company's voting machines.

Why it matters: Giuliani led former President Trump's efforts to overturn the results of the election and spread the baseless conspiracy theory that Dominion's voting machines flipped votes from Trump to Joe Biden.