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Big losses, an accusation of a "toxic bro culture" and product delays plague Rivian on the eve of its IPO on Wednesday. The Irvine-based electric vehicle company, backed by Amazon and Ford, is entering an increasingly competitive market dominated by Elon Musk's Tesla. What remains to be seen is how Wall Street will react to the new EV player. Read more >>
Here's what else we're reading in the news:
- A new California bill signed into law will make it easier for smaller firms to raise crowdfunding capital.
- MedMen, an L.A.-based cannabis retailer, has added David Hsu and Ed Record to its board of directors.
- Recurrent Ventures has acquired L.A.-based Donut Media, a renowned automotive entertainment video brand on YouTube.
- Boosted Commerce, an L.A.-based ecommerce platform developer, has named Steve Oliver as its new president.
- Details of a lawsuit by former Tinder co-founders against IAC/InterActiveCorp. and Match Group Inc. are emerging in court and it's not pretty.
- Wave is launching an "interactive virtual experience" with Justin Bieber on Nov. 18.
- General Electric is splitting up into three companies focused on aviation, healthcare and energy.
Rivian, the electric vehicle maker backed by Amazon and Ford, aims to raise about $8 billion this week in a closely watched IPO. Trading is slated to begin on Wednesday, and shares are currently priced between $72 and $74. Here are five things you should know about the Irvine-based company, as it targets a valuation of around $55 billion.
Laura Schwab, who was hired to build Rivian's sales and marketing operations from scratch, says she was shut out of meetings and important decisions about the company. In a scathing 14-page lawsuit, Schwab alleges that she started in a lofty role at a luxury auto maker but quickly became ostracized for what she came to see as a misogynistic culture that marginalized women.
Food content meets stomach. That's the premise of a new food video app, Mustard, that makes uploaded food videos shoppable and accessible to the viewer. On Monday, the company raised $1 million in seed funding to expand its reach to areas around Los Angeles and the rest of California.