Illustration: Sarah Grillo/Axios

Wall Street banks last fall told Uber that it could fetch a $120 billion valuation in its IPO. What we didn't realize at the time was just how important that specific figure was to Uber CEO Dara Khosrowshahi.

The bottom line: Khosrowshahi stands to make a boatload of money if Uber maintains an average fully-diluted valuation of at least $120 billion during a period of 90 consecutive trading days, according to a footnote in the company's IPO registration document.

By the numbers: Specifically, he'd be entitled to stock options to buy 1.75 million shares. The fair market value when those shares began vesting last May was $59 million, but would be substantially higher at a $120 billion valuation (yes, even fully-diluted).

  • For context, 1.75 million is more than all of the other stock options Khosrowshahi could earn. He also currently holds just under 200,000 actual shares, and last year received a $1 million salary and $2 million cash bonus.
  • For further context, he left over $180 million of options on the table when he left Expedia to take the Uber job.
  • This potential options grant is part of his original employment agreement, not something specifically tied to the IPO.

Shot: Just to give Khosrowshahi some heartburn, Lyft shares closed yesterday at $56.11. That's 22% below the IPO price and just 18.5% above the final private share price.

Chaser: Just to give Khosrowshahi some antacid, both Zoom and Turning Point Therapeutics this morning increased their IPO size. Neither is a transportation company, but the moves suggest that Lyft hasn't softened the broader IPO market.

What to watch: It will be interesting to see if we get an amended filing from Pinterest over the next 24 hours.

Go deeper: Why Uber's post-IPO value will be at risk

Go deeper

Trump's Tucker mind-meld

Photo illustration: Sarah Grillo/Axios. Photo: Roy Rochlin/Getty Images and BRENDAN SMIALOWSKI/AFP via Getty Images

If you want to understand the rhetorical roots of Trump's Independence Day speech at Mount Rushmore, go back and watch Tucker Carlson's monologues for the past six weeks.

Between the lines: Trump — or rather his speechwriter Stephen Miller — framed the president's opposition to the Black Lives Matter protest movement using the same imagery Carlson has been laying out night after night on Fox.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 6 p.m. ET: 11,366,145 — Total deaths: 532,644 — Total recoveries — 6,154,138Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 2,874,396 — Total deaths: 129,870 — Total recoveries: 906,763 — Total tested: 35,512,916Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona hot spot near capacity — Houston mayor warns about hospitals
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Former Trump official Tom Bossert says face masks “are not enough”
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: Sports return stalked by coronavirus
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.

Bolton's hidden aftershocks

Photo illustration: Sarah Grillo/Axios. Photo: Justin Sullivan/Getty Images

The news media has largely moved on, but foreign government officials remain fixated on John Bolton's memoir, "The Room Where It Happened."

Why it matters: Bolton's detailed inside-the-Oval revelations have raised the blood pressure of allies who were already stressed about President Trump's unreliability.