Is Snap CEO Evan Spiegel scared of Facebook, which has been aggressively cloning its features?

"Just because Yahoo has a search box, doesn't mean that they're Google," Spiegel told analysts during his company's Q1 earnings call, chuckling when he heard the question. He added that "creativity" is most important to Snap, hinting the company isn't worried as long as it continues to come up with new ideas even if competitors copy them.

Why it matters: Since Facebook-owned Instagram rolled out a blatant copy of Snapchat's Stories last summer and publicized the success of its version of the feature, Snap has faced increased concerns over its ability to withstand the attack. At Facebook's annual developer conference last month, CEO Mark Zuckerberg also made headlines when he announced the company's new focus on cameras and augmented reality, reminiscent of Snap's "camera company" tagline, further fueling the rivalry.

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Trump claims TikTok will be banned if not sold by Sept. 15

President Trump said Monday that TikTok will be shut down in the U.S. if it hasn't been bought by Microsoft or another company by Sept. 15.

Why it matters: Trump appears to have backed off his threat to immediately ban TikTok after speaking with Microsoft CEO Satya Nadella, who said Sunday that the company will pursue discussions with TikTok’s Chinese parent company ByteDance to purchase the app in the U.S.

Updated 32 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 18,147,574 — Total deaths: 690,573 — Total recoveries — 10,753,815Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 4,687,828 — Total deaths: 155,062 — Total recoveries: 1,468,689 — Total tests: 56,812,162Map.
  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
  4. Business: Virtual school is another setback for retail — The pandemic hasn't hampered health care.
  5. Public health: Former FDA chief says MLB outbreaks should be warning sign for schools.

Filing suggests Manhattan DA is investigating Trump for possible fraud

Photo: Brendan Smialowski/AFP

The Manhattan District Attorney's office suggested for the first time Monday that it's investigating President Trump and his company for "alleged bank and insurance fraud," the New York Times first reported.

The state of play: The disclosure was made in a filing in federal court that seeks to force accounting firm Mazars USA to comply with a subpoena for eight years of Trump's personal and corporate tax returns.