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Photo by Jaap Arriens/Getty Images

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

Go deeper

4 hours ago - Health

Biden administration to lift travel ban for fully vaccinated international travelers

Photo: Win McNamee/Getty Images

White House COVID-19 response coordinator Jeff Zients announced on Monday that the Biden administration will allow fully vaccinated travelers from around the world to enter the U.S. beginning in November.

Why it matters: The announcement comes as President Biden seeks commitments from countries to donate vaccines to the global COVAX initiative. He is expected to host a COVID summit on the sidelines of the UN General Assembly this week, and many of the countries attending have expressed frustration with the travel ban.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

Gen Z breaks into VC

Illustration: Aïda Amer/Axios

When Meagan Loyst joined VC firm Lerer Hippeau, less than two years out of Boston College, she was still living with her parents. She had virtually no online brand presence, and the pandemic made it impossible to build a professional network via in-person meetings.

Why it matters: Loyst wasn't alone. Venture firms have accelerated hiring in line with record deal activity, often seeking younger investors who can spot trends that fly below the radar (or intrinsic understanding) of older partners.

White House aims to protect workers from extreme heat

Two pear pickers in Hood River, Ore. on Aug. 13. Photo: Michael Hanson/AFP via Getty Images

The White House announced a slew of actions Monday, including the start of a rule-making process at the Occupational Safety and Health Administration (OSHA), to protect American workers from extreme heat.

Driving the news: The U.S. just had its hottest summer on record, with triple-digit-temperatures killing hundreds in the Pacific Northwest and exposing outdoor workers to dangerous conditions.