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SoftBank yesterday announced that its $9.3 billion investment in Uber has closed, except that's not entirely true.

Bottom line: Yes, checks have been sent and corporate governance changes implemented. But multiple sources tell Axios that the deal actually remains subject to a CFIUS review, and that SoftBank will not exercise its board voting rights until that process is closer to completion.

SoftBank didn't necessarily need to submit a CFIUS application, given that this is a minority position. For example, Tencent didn't file last year when it acquired a 12% stake in Snapchat. But the thinking was that SoftBank expects to remain very active in U.S. deal-making, so it's prudent to keep regulators close.

  • The odds of this flying through CFIUS are extremely high and, if it does get pushback, SoftBank likely could work out some sort of mitigation agreement...
  • BUT: In theory, SoftBank could be out over $8 billion with no legal recourse. For example, Travis Kalanick yesterday deposited over $1 billion into his bank account. There is no clawback provision on it.

It also is worth noting that SoftBank Vision Fund's Rajeev Misra already made a bit of mischief, telling the FT that Uber should consider exiting markets outside of its US/Europe/LatAm core. In other words, Africa, the Middle East and Southeast Asia.

Go deeper: Senate takes new look at CFIUS rules

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Updated 18 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 12,607,510 — Total deaths: 562,338 — Total recoveries — 6,948,863Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 3,228,884 — Total deaths: 134,600 — Total recoveries: 983,185 — Total tested: 38,919,421Map.
  3. Public health: Jimmy and Rosalynn Carter: "Please wear a mask to save lives" Fauci hasn't briefed Trump on the coronavirus pandemic in at least two months — We're losing the war on the coronavirus.
  4. Food: How the coronavirus pandemic boosted alternative meat.
  5. Sports: Charge of "money grab" by college football.
  6. World: India reimposes lockdowns as coronavirus cases soar.

Supreme Court expands religious freedoms in schools, employment

Illustration: Sarah Grillo/Axios

The Supreme Court ended its term with a series of rulings on religion's role in schools, the workplace and access to health care.

Why it matters: The decisions elevated protections for people and employers of faith, while curtailing those of religion teachers, the nonreligious taxpayer and women who rely on their workplaces' health care plans for contraception.

Scoop: Don Jr. plans convention-week Biden book

Cover via Don Jr.

Donald Trump Jr., in quarantine since girlfriend Kimberly Guilfoyle tested positive for the coronavirus, says he's used the time to finish a book that he'll self-publish the week of the Republican convention, at the end of August.

What he's saying: Don Jr., whose controversial blasts connect with President Trump's base, told me in a phone interview that "Liberal Privilege" will be his effort to paint a picture of Joe Biden and his record that the press ignores.