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Rebecca Zisser / Axios

Snap stock finished down nearly 1% on Monday, settling at $13.68 per share. Despite the loss, Snap executives may be breathing a giant sigh of relief that it wasn't much greater.

  • Why it matters: This was the first day that many early Snap investors – including venture capital firms – had their shares "unlocked," which means they were able to sell on the open market. As such, there was some fear that supply would swamp demand, sending Snap's share price spiraling. But that didn't happen. Overall trading volume totaled nearly 48.8 million. That's Snap's highest mark in over two months, but only the 10th-highest since the company went public in early March.
  • Context: Around 400 million shares were unlocked today, while the company's IPO price was $17 per share.
  • Thought bubble: It wouldn't be surprising if a number of unlocked investors sold a minority of their holdings today as downside protection, with the optimistic hopes that Snap's share price can recover.
  • Coming attractions: In a little more than two weeks from now, and just days after Snap reports Q2 results, company employees will be eligible to sell upwards of 782 million of their shares.

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The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.