Political news site Axios announced Tuesday evening that it would return a federal pandemic loan, becoming the latest company to return funds amid controversy around big companies hoarding bailouts.
In a post to the site, Axios CEO Jim VandeHei cited a "public backlash against a variety of companies for taking" money from the Paycheck Protection Program (PPP), "including us." He also explained that a "new alternative source" of capital had emerged, giving the news site the "confidence" to return the PPP funds.
VandeHei did not disclose in Tuesday's post what the "new alternative source" of capital is. Axios has received generous financial support in past, including from NBC News and liberal activist and philanthropist Laurene Powell Jobs, the widow of Steve Jobs who had an estimated net worth of over $20 billion.
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