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

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Quibi says it's shutting down

Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Quibi, the mobile-only video subscription streaming service, is shutting down, the company announced Wednesday. The company said the decision was made to preserve shareholder equity.

Why it matters: Quibi had struggled to hit its subscriber growth targets amid the global pandemic. The app launched six months ago.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Senate Democrats block vote on McConnell's targeted COVID relief bill McConnell urges White House not to strike stimulus deal before election.
  2. Economy: Why the stimulus delay isn't a crisis (yet).
  3. Health: New York reports most COVID cases since MayStudies show drop in coronavirus death rate — The next wave is gaining steam.
  4. Education: Schools haven't become hotspots — San Francisco public schools likely won't reopen before the end of the year.
  5. World: Spain becomes first nation in Western Europe to exceed 1 million cases.
3 hours ago - Podcasts

House antitrust chair talks USA vs. Google

The Justice Department filed a 63-page antitrust lawsuit against Google related to the tech giant's search and advertising business. This comes just weeks after the House subcommittee on antitrust issued its own scathing report on Google and other Big Tech companies, arguing they've become digital monopolies.

Axios Re:Cap talks with Rep. David Cicilline (D-R.I.), chair of the subcommittee on antitrust, about Google, the DOJ's lawsuit and Congress' next move.