Photo illustration by Greg Ruben / Axios

Snapchat parent company Snap Inc. on Thursday morning disclosed more information about its proposed IPO, including pricing terms. Here's what we've learned:

Top line: Snap plans to offer 200 million shares at between $14 and $16 per share.

Value: If Snap prices in the middle of its range, it would have a market cap of approximately $17.4 billion (albeit at $19.5 billion on a fully-diluted basis). That's more than it was valued at by venture capitalists in March 2015, when it raised $200 million at a $16 billion post-money valuation. But it's significantly lower than the mark it received last May. That discount is also well below the $20 to $30 billion figure that Snap bankers had originally been whispering, and suggests that analyst feedback depressed the price target (which could still change before the actual listing).

Payday: Snap co-founder and CEO Evan Spiegel is selling 16 million shares in the offering, which works out to $240 million at the $15 per share price.

Where: Shares will trade on the New York Stock Exchange.

When: By filing today, Snap is setting itself up to begin trading between March 1-3.

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Updated 4 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 33,484,120 — Total deaths: 1,004,082 — Total recoveries: 23,212,633Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 7,180,179 — Total deaths: 205,729 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. States: NYC's coronavirus positivity rate spikes to highest since June.
  5. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  6. World: U.K. beats previous record for new coronavirus cases.
  7. Work: United States of burnout — Asian American unemployment spikes amid pandemic

What to watch in tonight's debate

Joe Biden (left) and President Trump (right) are facing off in Cleveland for the first presidential debate. Photos: Alex Wong (of Biden) and David Hume Kennerly (of Trump)/Getty Images

President Trump will try to break Joe Biden's composure by going after his son Hunter and other family members in tonight's first presidential debate — a campaign source tells Axios "nothing will be off the table" — while Biden plans to stick to the economy, coronavirus and new revelations about how Trump avoided paying taxes.

Driving the news: Biden and Trump are set to debate at 9 p.m. ET at Case Western Reserve University in Cleveland, and it will be moderated by Fox News' Chris Wallace.

Massive layoffs hit Disney theme parks

A person posing for a photo in front of the iconic Disney castle at Disneyland Resort in Hong Kong on Sept, 25. Photo: Miguel Candela Poblacion/Anadolu Agency via Getty Images

Disney is laying off 28,000 workers at its theme parks and experiences and consumer products divisions, the company said in a statement Tuesday.

Why it matters: The coronavirus pandemic has forced the company to close its California theme parks and limit attendance at re-opened parks elsewhere around the U.S. Around 67% of the 28,000 laid off workers are part-time employees, according to Josh D’Amaro, chairman of Disney's parks, experiences and products division.