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!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

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!

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!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

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!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

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!

Glenn Youngkin, governor-elect of Virginia, gives a thumbs-up after speaking during an election night event in Chantilly, Va., on Wednesday. Photo: Al Drago/Bloomberg via Getty Images

Republican Glenn Youngkin defeated Democrat Terry McAuliffe in the Virginia governor's race, AP called, an upset that serves as a major warning sign for Democrats heading into the 2022 midterms.

Why it matters: Youngkin's win could foreshadow the outsized role that debates over schools may play next year and reflects GOP voters' motivation around culture wars, Democrats' enthusiasm gap and independents' resistance to the leftward shift of the party.

  • Youngkin created a new template for Republican candidates running in competitive races in the Trump era.
  • It also reflects the impact of the falling poll numbers of President Biden, who had won the state in 2020 by 10 points.
  • "Clearly, the president's drop in favorability made it very difficult for the Democratic nominee to stay above water," Democratic Congressman Gerry Connolly told Axios at Terry McAuliffe's Election Night event in Tysons, as returns showed the former governor trailing.

What he's saying: Youngkin vowed in his victory speech at a hotel in Chantilly, some 25 miles west of Washington, D.C., early Wednesday to invest the "largest education budget in the history of the Commonwealth" and oversee "the largest tax refund in the history of Virginia."

  • He said his office would eliminate grocery tax, "suspend the most recent hike in the gas tax," double standard deductions and cut taxes on veterans' retirement income, saving families in the state $1,500 in the first year.

McAuliffe conceded to Youngkin in a statement on Wednesday morning.

  • "We must protect Virginia's great public schools and invest in our students. ... We must protect voting rights, protect a woman's right to choose, and, above all else, we must protect our democracy," McAuliffe said.
  • "While there will be setbacks along the way, I am confident that the long-term path of Virginia is toward inclusion, openness and tolerance for all."
  • "Congratulations to Governor-Elect Glenn Youngkin on his victory."

Between the lines: While this could serve as a roadmap for some GOP candidates seeking to distance themselves from Donald Trump without alienating their base, there are two important qualifiers:

  • Youngkin, the former co-CEO of The Carlyle Group, is a multimillionaire who could rely on his own fortune more than most candidates.
  • And Trump lost Virginia to Joe Biden last year by 10 percentage points.

How it happened: Youngkin walked a tightrope between praising former President Trump to draw in voters from his base while also keeping him at an arms’ length to appeal to independents.

  • "I brought together Forever-Trumpers and Never-Trumpers, sitting in the same audience, excited about what we're doing," Youngkin told Axios in a late September interview.

McAuliffe, who served as Virginia's governor from 2014 to 2018 and is a former governor and national party leader, sought to damage Youngkin by tying him to Trump.

  • After a misstep in a debate in which he said parents shouldn't be telling schools what to teach, McAuliffe tried to regain the narrative on education near the end of the race and win back key support from suburban women.
  • Bringing in a stream of Democratic surrogates, including President Biden and former President Obama, didn't sufficiently turn out Democratic voters without Trump on the ballot.
  • McAuliffe hoped he would be able to run on Democrats passing President Biden’s infrastructure and social net spending package, but party infighting and another vote delay proved the effort unsuccessful.

Editor's note: This article has been updated with comment from Youngkin and a statement from McAuliffe.

Cuneyt Dil contributed to reporting.

Go deeper

Some Republicans fear Roe win could backfire

Illustration: Shoshana Gordon/Axios

Republicans are on the brink of achieving a decades-long conservative project — overturning abortion rights — but some strategists worry that the party isn’t ready for the political dangers of this monumental victory.

Why it matters: The GOP has the best political environment in a decade leading into the midterms — and the last thing top party operatives want is for the Democratic base to become energized if the Supreme Court narrows or overturns Roe v. Wade.

Abrams’ campaign manager rules out 2024 run if she wins governor's race

Photo: Jessica McGowan/Getty Images

In her first major interview since the official announcement, Stacey Abrams' campaign manager Lauren Groh-Wargo quashed speculation that the Georgia Democrat would interrupt a theoretical gubernatorial term to run for president in 2024.

Why it matters: Abrams' name has come up repeatedly as a top 2024 Democratic contender given President Joe Biden's age and Vice President Kamala Harris's low favorability rating.

Dan Primack, author of Pro Rata
Updated 42 mins ago - Politics & Policy

Trump social media group raises $1 billion from undisclosed investors

Illustration: Sarah Grillo/Axios

Donald Trump's social media startup on Saturday announced that it secured $1 billion in new investment as part of its ongoing efforts to become publicly traded via a blank check company.

Between the lines: None of the investors were identified, which is highly unusual for this sort of transaction.