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Kraft-Heinz announced its attempted $143 billion takeover of Unilever early this morning, but it's obvious that many on Wall Street knew of the bid in the hours and days before. Reuters reports that on Wednesday more than 11,100 options contracts on Unilever were traded, compared with roughly 200 on a typical day. The vast majority of those would have paid off if Unilever shares rose, as they did on the news of the offer this morning.

Why it matters: Obama's SEC Chief made fighting insider trading a cornerstone of her tenure. Trump pick Jay Clayton won't likely been sworn in until the summer, but his reaction to this incident, and similar trades before SoftBank's takeover offer to Fortress Investment Group, will provide the first test of how tough a Trump SEC will be on the issue.

Go deeper

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — U.S. tops 88,000 COVID-19 cases, setting new single-day record.
  2. Politics: States beg for Warp Speed billions.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. 🎧Podcast: The vaccine race turns toward nationalism.

Technical glitch in Facebook's ad tools creates political firestorm

Facebook CEO Mark Zuckerberg. Photo: SOPA Images / Contributor

Facebook said late Thursday that a mix of "technical problems" and confusion among advertisers around its new political ad ban rules caused issues affecting ad campaigns of both parties.

Why it matters: A report out Thursday morning suggested the ad tools were causing campaign ads, even those that adhered to Facebook's new rules, to be paused. Very quickly, political campaigners began asserting the tech giant was enforcing policies in a way that was biased against their campaigns.

7 hours ago - Health

States beg for Warp Speed billions

A COVID-19 drive-thru testing center yesterday at Hard Rock Stadium in Miami Gardens. Photo: David Santiago/Miami Herald via AP

Operation Warp Speed has an Achilles' heel: States need billions to distribute vaccines — and many say they don't have the cash.

Why it matters: The first emergency use authorization could come as soon as next month, but vaccines require funding for workers, shipping and handling, and for reserving spaces for vaccination sites.