Uber CEO Dara Khosrowshahi. Photo: Jerod Harris/Getty Images for Fortune

Uber has picked Morgan Stanley to lead its IPO, per Bloomberg.

The big picture: That's a pretty big upset, given that Goldman Sachs was considered a shoo-in for the role before last year's Uber management shakeup. Got to wonder if it helped that Morgan Stanley's Michael Grimes moonlighted as an Uber driver.

Someone mentioned to me that Uber could, at least in theory, tell prospective IPO buyers that their allocations would be tied to agreements not to buy into Lyft's IPO. Again, no inside info here — just a theory based on its prior hardball tactics with private market investors.

  • One banker tells me he thinks it wouldn't be legal, at least for public mutual funds, but that there could be wink-wink agreements for investors that put themselves on the cover with pre-arranged purchase agreements. Kind of like we see with extended lockups.

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A wild weekend for Microsoft's play for TikTok

Illustration: Aïda Amer/Axios

While its Big Tech rivals were testifying in front of a congressional antitrust committee last week, Microsoft was negotiating what could be the largest — and most politically perilous — tech acquisition of 2020.

The state of play: The hullabaloo surrounding Microsoft picking up TikTok has undergone a flurry of twists and turns over the weekend, as both the White House and the tech giant reacted in real time.

XFL sold to group that includes Dwayne "The Rock" Johnson for $15 million

Photo: Abbie Parr/Getty Images

The XFL sold Monday for $15 million to a group that includes former WWE star Dwayne "The Rock" Johnson, Sportico reports.

The state of play: The move does not necessarily mean the upstart football league is returning.

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Pac-12 football players threaten coronavirus opt-out

Illustration: Eniola Odetunde/Axios

A group of Pac-12 football players have threatened to opt out of the season unless the conference addresses systemic inequities and concerns related to the coronavirus pandemic.

Why it matters: College football players have never had more leverage than they do right now, as the sport tries to stage a season amid the pandemic. And their willingness to use it shows we've entered a new age in college sports.