Starboard Value CEO Jeffrey Smith. Photo: Heidi Gutman/CNBC/NBCU via Getty Images

Starboard Value, an activist investor, disclosed a 7.5% stake in Box, making it the cloud content management company's third-largest shareholder.

Why it matters: Because Box had become a Silicon Valley poster child for "good" corporate governance, last year eliminating the dual-class stock structure it had gone public with in 2015. But now Box is facing the exact scenario that dual-class structures were designed to protect against.

  • Box shares were up 8.2% at today's market open, increasing its market cap to $2.3 billion.

The bottom line: "Starboard tends to agitate for changes at companies, waging proxy battles if necessary," writes Barron's Avi Salzman.

Go deeper: Activist investors are poaching opportunities from private equity

Go deeper

Updated 40 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 19,193,661 — Total deaths: 716,735 — Total recoveries — 11,611,029Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 4,918,927 — Total deaths: 160,737 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: White House recommends Trump issue 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.

Trump: "We are going a different way" on coronavirus aid

President Trump. Photo: Jim Watsonn/AFP via Getty Images

President Trump tweeted on Friday that his administration is "going a different way" with coronavirus aid after negotiations with congressional Democrats stalled again, suggesting he will use an executive order to address stimulus spending.

What he's saying: "Pelosi and Schumer only interested in Bailout Money for poorly run Democrat cities and states. Nothing to do with China Virus! Want one trillion dollars. No interest. We are going a different way!" Trump tweeted.

Trump's swift, sweeping China offensive

Illustration: Aïda Amer/Axios

President Trump's rhetoric on China has tended to run hotter than his actions — until now.

Why it matters: Even at the height of Trump's trade war, his administration never hit China as hard, as fast, and on as many fronts as it is right now.