May 30, 2019

Report: SoFi to pay $400 million to put its name on new L.A. stadium

Illustration: Lazaro Gamio/Axios

Private lender SoFi will pay roughly $400 million over 20 years to put its name on the new stadium that the Rams and Chargers will share in Inglewood, Calif., according to multiple reports.

Quick take: The price is in line with what MetLife pays annually for the rights to the stadium that the Giants and Jets share in East Rutherford, N.J.

  • SoFi also announced yesterday that it closed a new $500 million funding round led by the Qatar Investment Authority that values the company at $4.8 billion.

The big picture: As noted by Arash Markazi of the Los Angeles Times, the new Inglewood stadium carries enhanced value that could make the SoFi name synonymous with L.A. in record time.

What to watch: Beyond hosting two NFL teams, the venue will enter the Super Bowl rotation, stage multiple college football championships and host the 2028 Summer Olympics. It will also be directly below the flight path into LAX.

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Tech can't remember what to do in a down market

Illustration: Rebecca Zisser/Axios

Wall Street's two-day-old coronavirus crash is a wakeup alarm for Silicon Valley.

The big picture: Tech has been booming for so long the industry barely remembers what a down market feels like — and most companies are ill-prepared for one.

Brace yourself for a coronavirus outbreak

Illustration: Aïda Amer/Axios

Public-health officials’ warnings about the coronavirus are sounding increasingly urgent, with one top CDC official asking the public yesterday "to prepare for the expectation that this might be bad."

Reality check: Other administration officials, including President Trump himself, were more subdued in their assessments. But underneath those tonal differences, the reality of the coronavirus is the same: It spreads quickly, and has already spread to many countries, making it likely to start spreading here, too.

Go deeperArrow52 mins ago - Health

Exclusive: Pro-Trump group plans post-Super Tuesday blitz on Democrats

Democratic presidential hopefuls take the debate stage in South Carolina. Photo: Logan Cyrus/AFP via Getty Images

Pro-Trump super PAC America First Action is preparing to unleash a series of targeted, swing-state attacks on the Democrats most likely to face President Trump after Super Tuesday, people familiar with the group's plans tell me in an exclusive preview of its strategy.

The state of play: The group has been tracking favorable/unfavorable ratings in Florida, Georgia, Michigan, North Carolina, Ohio and Pennsylvania for 2020 candidates Joe Biden, Bernie Sanders, Elizabeth Warren, Pete Buttigieg and Michael Bloomberg — under the theory that if Trump wins each of these six states he would win re-election.