Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Rebecca Zisser/Axios

Verishop, the luxury e-commerce site created by former Snapchat Chief Business Officer Imran Khan, expects to sell $50 million of gross merchandise volume in 2020, sources tell Axios. It's also launching a social-shopping experience that will include influencers and a personalized feed of content.

Why it matters: Social media apps like Instagram, Facebook and Snapchat have made efforts over the past few years to offer users a better shopping experience. Verishop is doing the opposite by launching a trusted marketplace first and a social media experience around it second.

Be smart: This strategy has been used by Chinese tech giants for years, and is now starting to make its way to the U.S.

  • Chinese e-commerce giant Alibaba has long included social experiences like live video chat in its Taobao marketplace to build trust between shoppers, merchants and the platform.

What we're hearing: According to a source familiar with the expansion, the goal is to have influencers — both brands and individuals — be able to create posts through a self-service platform that that are distributed on a customized feed.

  • The feed will launch in the next six months. Over time, influencers and brands will be able to monetize their posts, based on the goods purchased from their content, according to a source familiar with the plans.
  • The company will use artificial intelligence to recommend the products from the social posts to users if those products are available on Verishop, or it will recommend products similar to the ones featured in the post if they aren't.

By the numbers: When Verishop launched a year ago, it had over 180 brands signed on to the platform. Today it has over 600 brands and 12,000 different product choices. By the end of the year, it is expected to have sold $50 million worth of goods.

The big picture: Verishop's aim is to create an online experience akin to a digital shopping mall.

  • While other big retailers like eBay and Amazon dominate the e-commerce experience for inexpensive or used goods, Verishop is aiming to create a single marketplace for luxury goods only.
  • That one-stop shop mentality means that consumers can buy, return and customize their shopping experience across dozens of brands on all one website, similar to the way they would shop at a mall in real life: all of the stores in one building.

The bottom line: It's easier said than done. Amazon tried to launch a social media shopping discovery feature called "Spark" in 2017, but shut it down in 2019 in favor of a less formal feature called #FoundItOnAmazon.

  • It also faces some competition from other e-commerce upstarts like "The Yes," which are trying to redefine the dying department store business online.

Go deeper

Facebook, Instagram attach "false information" stamp to Tucker Carlson coronavirus clip

Photo: Chip Somodevilla/Getty Images

Facebook and Instagram have placed a ”False Information” label on a post from the Fox News show "Tucker Carlson Tonight" in which Carlson interviews Li-Meng Yan, a Chinese virologist, who has previously claimed the coronavirus "is not from nature," on Wednesday.

Why it matters: Facebook has made headlines in recent months for taking increasing action on posts from politicians and political groups containing misinformation. It's added fewer labels to high-profile media companies, which is what makes this label noteworthy.

Updated 8 hours ago - Sports

Olympics dashboard

🚨: Japan's Naomi Osaka lights Olympic cauldron; Photos

👻: How the no-spectator Olympics could affect the athletes

🇺🇸: "What an honor it is to watch you soar," first lady tells U.S. Olympians

🌏: Meet the underdogs from Latin America

🥇: The six new sports at Tokyo 2020

💉 About 100 U.S. Olympic athletes are unvaccinated

✍️ Axios at the Olympics: What it's like inside the opening ceremony

Go deeper: Full Axios coverage

Senate Democrats demand answers on FBI's Kavanaugh probe

Photographer: Andrew Harrer/Bloomberg via Getty Images

Senate Democrats are demanding that the FBI hand over "all records and communications" related to the FBI tip line set up to investigate Supreme Court Justice Brett Kavanaugh when he was a nominee in 2018.

Why it matters: The ask comes after the FBI revealed it received more than 4,500 tips about Kavanaugh when he was awaiting Senate confirmation amid sexual assault allegations. Only the most "relevant" of these tips were forwarded to the Trump White House.