Evan Spiegel in L.A. in 2013. Photo: Jae C. Hong / AP

"Snap's Splashy IPO Stifled Its Doubters: Deal participants had concerns about revenue, competition — issues now gutting the stock price," per Wall Street Journal front page:

"At a company

all-hands meeting in January [ahead of the

Feb. 2

SEC filing and

March 2

trading debut], a Snap employee said the company would reach a saturation point in the U.S., according to a person present at the gathering in an airplane hangar in Santa Monica, Calif. The employee wanted to know about the company's growth strategy overseas, since Facebook was imitating many of Snap's features and signing up droves of users in Asia and India, the person said."

"Mr. Spiegel's response: People feel more free to express themselves on networks of close friends."

  • The takeaway: "The CEO has dismissed ideas that rely heavily on data, according to people who have worked with him. He prefers to study the experience of users for cues on revisions and new features."
  • Be smart: Snap's Q3 report this week — revenue of $207.9 million, with 178 million daily active users — was less than analysts expected, but still reflects a business of stunning size that remains addictive to young users. If Snap had stayed private, the hype and heat would have persisted.

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Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491Map.
  2. U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

Trump considering order on pre-existing condition protections, which already exist

Photo: Jim Watson/AFP via Getty Images

President Trump announced on Friday he will pursue an executive order requiring insurance companies to cover pre-existing conditions, something that is already law.

Why it matters: The Affordable Care Act already requires insurers to cover pre-existing conditions. The Trump administration is currently arguing in a case before the Supreme Court to strike down that very law — including its pre-existing condition protections.