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Snap yesterday opened trading at $24 per share, compared to its $17 IPO price, and peaked at $25.99 before closing at $24.28. Some notes:

Snapback? VCs have spent the past 18 months telling their later-stage portfolio companies to focus more on profitability, as the public markets no longer are receptive to "growth at all costs." But Snap is very much an unprofitable "growth at all costs" sort of company, and public investors slobbered all over it yesterday. This could post a serious challenge to newfound discipline among unicorns and their aspirants.

Early adopters: One of the huge winners is Lightspeed Venture Partners, whose $8.5 million in total investment was valued at nearly $1.5 billion at the IPO price. Lightspeed's Jeremy Liew tells Axios: "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."

Terms: Jeremy Liew has been in the news a bit lately, following a NY Times story about how the onerous terms of Lightspeed's seed investment in Snap both: (1) Caused a still-lingering rift between Lieu and Snap CEO Evan Spiegel; and (2) Was the catalyst for Snap's super-voting rights. Liew has declined to speak specifically about the situation, although he did touch on it in the aforementioned Axios interview (basically saying that market terms for seed deals have since changed).

But here's a larger point: Spiegel & Co. are being hypocritical. The company, like many other unicorns, has put very strict restrictions on how employees and other early shareholders could sell stock pre-IPO. Snap didn't like Lightspeed putting a right of first refusal on its seed deal, because it reduced your financial flexibility? Okay, then why did you effectively do the exact same thing to your own people? Some major-league myopia there.

IPO buyer: CNBC reports that NBCUniversal pumped $500 million into the IPO, making it the only strategic investor to participate. [Note: NBC is an investor in Axios]

Ouch: At least some VCs have a sense of humor about missing out.

I know one person who isn't getting rich in the Snapchat IPO. Hint: the guy who didn't reply to this email. Congrats to everyone at $SNAP! pic.twitter.com/txk7SxSken— Chris Sacca (@sacca) March 2, 2017

Iconoclast: Spiegel and co-founder Bobby Murphy did an exclusive post-listing interview with the LA Times, but bypassed the typical cable biz net stops. Instead, they reportedly headed over to Goldman Sachs, which was one of its top IPO managers (albeit not left lead, which was Morgan Stanley's spot).

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.”

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