Illustration: Lazaro Gamio / Axios

Uber is shutting down its car leasing business, Xchange Leasing, after reportedly hoping to sell it, the company told the Wall Street Journal. The company will look for a "less capital intensive approach," it said.

Why it matters: Debuted two years ago, Xchange Leasing has been a controversial business unit. Earlier this summer, the WSJ reported that the company knowingly leased out defective cars to drivers in Singapore, while a Bloomberg report last year explored the financial risks for drivers who rent out the cars.

  • This is one of several moves by the company to shed units that aren't financially viable. Last year, it sold its Chinese operations to local rival Didi Chuxing after sinking $2 billion in the business, and a few months ago it did the same with its operations in Russia and neighboring countries. According to the WSJ, Uber recently discovered that it was losing 18 times more money per vehicle than previously thought.

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 18,710,668 — Total deaths: 704,869 — Total recoveries — 11,284,150Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m. ET: 4,818,228 — Total deaths: 157,930 — Total recoveries: 1,576,425 — Total tests: 58,903,657Map.
  3. Public health: Florida surpasses 500,000 confirmed casesFauci calls U.S. coronavirus testing delays "totally unacceptable."
  4. Business: America's next housing crisis.
  5. States: Virginia launches contact tracing app using specs from Apple and Google.
  6. Politics: White House, Democrats remain "trillions of dollars apart" on stimulus talks.
Updated 1 hour ago - Technology

Facebook, Twitter take down Trump post saying kids are immune to coronavirus

Photo: NurPhoto/Getty Images

Facebook removed a video post from President Trump Wednesday in which he claimed in an interview with Fox News that children are "almost immune" to COVID-19.

Why it matters: It’s the first time that Facebook has removed content from Trump's account for violating policies on coronavirus-related misinformation.

Updated 2 hours ago - Politics & Policy

Trump campaign outraises Biden's by $20 million in July

Combination images of President Trump and former Vice President Joe Biden. Photo: Alex Wong/Getty Images/Mark Makela/Getty Images

President Trump's re-election campaign and the Republican National Committee announced on Wednesday they collectively raised $165 million in July.

Why it matters: With 90 days until the election, Trump and the RNC outpaced the Biden campaign, the Democratic National Committee and their joint fundraising committees, who announced earlier Wednesday that they raised $140 million last month.