Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Greg Ruben / Axios

Lightspeed Venture Partners was the first institutional investor in Snap, investing $485,000 back in April 2012. The company would ultimately invest a total of $8.1 million, which was valued at nearly $1.5 billion at the IPO price.

Jeremy Liew was the Lightspeed partner who led that early deal ― back when the company was still called Snapchat ― and spoke via phone with Axios on the occasion of Snap's mammoth IPO.

On how Snap fit into Lightspeed's investment thesis:

"One of the things we've always looked for are companies that can become part of popular culture, and we believe that young women are the early adopters of pop culture. This is true if you look at Facebook or Instagram or Tumblr or even MySpace back in the day. We saw the same thing when we first met with Snap, and it has only solidified our belief that user adoption by young women is a good indicator of something that could go mainstream."

On Evan Spiegel becoming a public company CEO:

"Evan has been a masterful leader in the five years since we invested. Not just product leadership, but also business leadership. He has made a lot of smart and prescient moves over the years."

On (the lack of) profits:

"Evan has always talked about the importance of building companies that are long-term sustainable, and profitability is a part of it, even if they aren't there yet."

What it means to Los Angeles tech:

"Los Angeles and New York, have always been the two cities with their fingers on the pulse of pop culture. Silicon Valley doesn't. I don't think that the IPO itself is the big change factor, but it's part of an ongoing trend in which Los Angeles entrepreneurs feel they can now leverage their local advantage to start companies that could become really successful."

Do you feel differently about pro rata rights on seed rounds than when you first backed Snap?

"Market is the most important determinant. Back before there were a lot of seed funds, it was mostly standard VC firms doing seed deals. We typically look to get ownership positions of 20% and up, so are always looking for opportunities to increase our ownership. But markets change. Now there are a lot of seed funds so the terms that are expected have changed. If you don't match the market, you aren't going to get the deal."

Go deeper

Scoop: Gina Haspel threatened to resign over plan to install Kash Patel as CIA deputy

CIA Director Gina Haspel. Photo: Win McNamee/Getty Images

CIA Director Gina Haspel threatened to resign in early December after President Trump cooked up a hasty plan to install loyalist Kash Patel, a former aide to Rep. Devin Nunes (R-Calif.), as her deputy, according to three senior administration officials with direct knowledge of the matter.

Why it matters: The revelation stunned national security officials and almost blew up the leadership of the world's most powerful spy agency. Only a series of coincidences — and last minute interventions from Vice President Mike Pence and White House counsel Pat Cipollone — stopped it.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden says, "We will manage the hell out of" vaccine distribution — Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan — Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat.
  3. Vaccine: Battling Black mistrust of the vaccines"Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode againFed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.

John Weaver, Lincoln Project co-founder, acknowledges “inappropriate” messages

John Weaver aboard John McCain's campaign plane in February 2000. Photo: Robert Schmidt/AFP via Getty Images)

John Weaver, a veteran Republican operative who co-founded the Lincoln Project, declared in a statement to Axios on Friday that he sent “inappropriate,” sexually charged messages to multiple men.

  • “To the men I made uncomfortable through my messages that I viewed as consensual mutual conversations at the time: I am truly sorry. They were inappropriate and it was because of my failings that this discomfort was brought on you,” Weaver said.
  • “The truth is that I'm gay,” he added. “And that I have a wife and two kids who I love. My inability to reconcile those two truths has led to this agonizing place.”