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Kevin de Leon (left) and Tom Steyer (right). Photo: Angela Weiss/Getty Images

Tom Steyer, the billionaire Democratic activist, has announced he will endorse Kevin de León, Senator Dianne Feinstein's progressive challenger in California, per LA Times.

Why this matters: The endorsement goes against what Steyer previously told Axios, which is that he wouldn't endorse specific Democratic candidates. "We feel as long as they’re good Democrats then we will try to stay out of it," he said back in January. "We have done it very rarely, only if we really feel that there’s a Democrat who doesn’t live up to large D Democratic principles."

Steyer supports de León in part because he represents the growing progressive base under the Democratic Party, particularly on things like immigration rights, health care and climate change. "Our work together on behalf of all Californians has assured me that he would be the champion of California's priorities and values," Steyer said in a statement. "Kevin de León has proven himself to be the best of the next generation."

  • Steyer joins a growing list of notable endorsements for de León, from the Nurses Union to the California Labor Federation, which as 2.1 million members.

But, but, but: Ousting Sen. Feinstein won't be easy — she's served in Congress for 25 years, has $10 million in cash on hand compared to de León's $670,000, and has been leading him in the polls.

The elephant in the room: Impeachment. Steyer has been leading an impeachment campaign for which he is now traveling around the country holding town halls with voters. The question is whether impeachment becomes a litmus test for which candidates he endorses.

  • "This isn’t a litmus test on impeachment, but he’s happy to support leaders who are not afraid to do the right thing and stand up to Donald Trump," said Aleigha Cavalier, NextGen America's communications director.
  • But in a recent email from his Need To Impeach campaign ahead of Steyer's town hall in Iowa, the group called out Democratic Rep. Dave Loebsack for voting against Rep. Al Green's impeachment resolution earlier in the year.

Bottom line: Steyer's involvement has the potential to significantly change things for Democrats across the country. He has the financial resources to boost a second-place candidate and his progressive platform matches the activists trying to push the party farther to the left.

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Illustration: Sarah Grillo/Axios

Reddit traders are taking on Wall Street pros at their own game with this basic mantra: Stocks will always go up.

Why it matters: Their trades — egged on in Reddit threads — have played a role in historic market activity in recent days.

The week the Trump show ended

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Donald Trump was eclipsed in media attention last week by President Biden for the first time since Trump took office, according to viewership data on the internet, on social media and on cable news.

Why it matters: After Trump crowded out nearly every other news figure and topic for five years, momentum of the new administration took hold last week and the former president retreated, partly by choice and partly by being forced off the big platforms.

Pay TV's bleak post-pandemic outlook

Data: eMarketer; Chart: Axios Visuals

The pandemic has taken a huge toll on the Pay-TV industry, and with the near-term future of live sports in question, there are no signs of it getting better in 2021.

Why it matters: The fraught Pay-TV landscape is forcing some smaller, niche cable channels out of business altogether.