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

Dan Primack, author of Pro Rata
3 mins ago - Politics & Policy

TikTok beats Trump in court, ban won't take effect

Illustration: Sarah Grillo/Axios

A federal court judge on Sunday granted TikTok's request for a temporary restraining order against a ban by the Trump administration.

Why it matters: American will be able to continue downloading one of the country's most popular social media and entertainment apps. At least for now.

Go deeper: WH pushes to uphold TikTok ban

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 32,949,407 — Total deaths: 995,658 — Total recoveries: 22,787,799Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 7,107,673 — Total deaths: 204,738 — Total recoveries: 2,750,459 — Total tests: 101,298,794Map.
  3. States: 3 states set single-day coronavirus case records last week — New York daily cases top 1,000 for first time since June.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

NYT: Trump paid $750 in federal income taxes in 2016 and 2017

Photo: Chip Somodevilla/Getty Images

The New York Times has obtained more than two decades' worth of tax-return data from Trump and the companies that make up his business, writing in an explosive report that the documents "tell a story fundamentally different from the one [the president] has sold to the American public."

Why it matters: The Times' bombshell report, published less than seven weeks before the presidential election, lays bare much of the financial information Trump has long sought to keep secret — including allegations that he paid $750 in federal income taxes in 2016 and 2017, and has over $300 million in personal debt obligations coming due in the next four years.