barnimages.com

Snapchat's parent company has reportedly set its valuation at $19.5 billion to $22.2 billion, which would mean a share price of $14 to $16, according to the Wall Street Journal, citing anonymous sources. This would put the company at the low end of its rumored target of $20 billion to $25 billion in valuation.

At this price, Snap's valuation could be near that of Alibaba, which was initially worth $21.8 billion when it went public in 2014 before underwriters exercised additional options, pushing it to $25 billion. Alibaba is still the biggest IPO in U.S. history.

What's next: The company is expected to disclose its preliminary valuation on Thursday in an updated SEC filing, according to the Journal. The company could price its shares as soon as March 1 and begin trading the next day. There are also still questions as to whether investors will be content with Snap's user numbers and growth enough to justify its valuation.

Go deeper

AOC to speak at Dem convention

Rep. Alexandria Ocasio-Cortez during an April a press conference in Queens, New York City. Photo: Scott Heins/Getty Images)

Rep. Alexandria Ocasio-Cortez will speak at the Democratic convention next week ahead of Sen. Bernie Sanders' appearance on the Tuesday night, CNN first reported and Axios has confirmed

Why it matters: Her involvement is a strategic decision to energize young progressives without tying former Vice President Joe Biden too closely or directly with her agenda.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 8:30 p.m. ET: 20,001,019 — Total deaths: 733,897 — Total recoveries — 12,209,074Map.
  2. U.S.: Total confirmed cases as of 8:30 p.m. ET: 5,085,821 — Total deaths: 163,370 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. Politics: Trump claims he would have not called for Obama to resign over 160,000 virus deathsHouse will not hold votes until Sept. 14 unless stimulus deal is reached.
  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: A dual coronavirus and flu threat is set to deliver a winter from hellAt least 48 local public health leaders have quit or been fired during pandemic.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."
1 hour ago - World

Protests in Belarus turn deadly following sham election

An arrest today in Minsk. Photo: Natalia Fedosenko/TASS via Getty

Protesters and security forces are clashing across Belarus tonight, with at least one person dead, hundreds injured and thousands arrested.

Why it matters: Sunday’s rigged presidential elections have yielded political uncertainty unlike any seen in Aleksander Lukashenko’s 26-year tenure. After claiming an implausible 80% of the vote, Lukashenko is using every tool in the authoritarian arsenal to maintain his grip on power.