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Mark Lennihan / AP

Some notes on Snap's IPO, as the investor roadshow today rolls into Boston's Four Seasons hotel:

When to watch: There will be an enormous amount of attention paid to Snap's IPO price and where the stock closes on its first day of trading (pop, dip, etc.). But the much more important day will be Monday, July 31, since that will be the first day of trading when the lockup expires for most of Snap's current shareholders (both investors and vested employees). Some investors are getting partial liquidity via next week's offering, but the big sells can't come until at least 150 days post-pricing.

What to watch: It will be interesting to see how many of Snap's existing "crossover" investor ― e.g., Fidelity, Coatue and T. Rowe Price ― purchase additional shares in the IPO. For years we've heard an argument that these sorts of firms have been making such private-market investments, in part, as IPO optionality. In other words, having an existing relationship with the issuer should improve a crossover investor's chances of getting its desired IPO allocation. So do these firms exercise those (informal) options?

An addendum to both above notes: Crossover investors often pitch themselves to startups as long-term investors who will stick around long after the more traditional VCs have exited. So we've got to keep a particular eye on them come July 31.

Go deeper

18 mins ago - Politics & Policy

Senate retirements could attract GOP troublemakers

Sen. Roy Blunt (R-Mo.). Photo: Jim Lo Scalzo/EPA/Bloomberg via Getty Images

Sen. Roy Blunt's retirement highlights the twin challenge facing Senate Republicans: finding good replacement candidates and avoiding a pathway for potential troublemakers to join their ranks.

Why it matters: While the midterm elections are supposed to be a boon to the party out of power, the recent run of retirements — which may not be over — is upending that assumption for the GOP in 2022.

Congressional diversity growing - slowly

Data: Brookings Institution and Pew Research Center; Note: No data on Native Americans in Congress before the 107th Congress; Chart: Danielle Alberti/Axios

The number of non-white senators and House members in the 535-seat Congress has been growing steadily in the past several decades — but representation largely lags behind the overall U.S. population.

Why it matters: Non-whites find it harder to break into the power system because of structural barriers such as the need to quit a job to campaign full time for office, as Axios reported in its latest Hard Truths Deep Dive.

Staff for retiring Senate Republicans a K Street prize

Illustration: Eniola Odetunde/Axios

The retirements of high-profile Senate Republicans mean a lot of experienced staffers will soon be seeking new jobs, and Washington lobbying and public affairs firms are eyeing a potential glut of top-notch talent.

Why it matters: Roy Blunt is the fifth Republican dealmaker in the Senate to announce his retirement next year. Staffers left behind who can navigate the upper chamber of Congress will be gold for the city’s influence industry.