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Rivian Shares Plummet After Ford Dumps 8 Million Shares
David Shultz
David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.
Rivian shares continued their downward slide Monday after stockholder Ford Motor Company announced that it is dumping 8 million shares in the Irvine-based electric truckmaker.
Over the weekend, it emerged that the Detroit auto giant plans to reduce its position in Rivian, which totaled 102 million shares, after it was released from a six-month lockup period in the wake of Rivian’s November initial public offering.
In turn, Rivian’s stock started the week’s trading by continuing its months-long decline, shedding another 21% on Monday and retreating ever further from the autumn highs that briefly made it one of the world’s most valuable automakers. The company’s shares closed at $22.78, on a day when the tech-heavy Nasdaq exchange it trades on fell 4.3% amid an ongoing stock market selloff.
To be clear, Ford’s retreat doesn’t mean it is bailing on its Rivian investment entirely; the Detroit automaker still owns 94 million shares in Rivian and, alongside Amazon, remains one of the largest investors in the electric truck and SUV manufacturer. But it does see a major Rivian backer limiting its exposure to the stock in the face of production setbacks and vehicle price hikes brought about by rising costs and supply chain woes.
Despite those setbacks, Rivian announced last week that it had secured $1.5 million in tax incentives to begin construction on a new auto plant in Georgia that is expected to add 400,000 vehicles to its annual production capacity. If the company can achieve anywhere close to that level of production in the next five years, Rivian could finally prove a real rival to Tesla and other EV competitors.
Rivian is set to release its first-quarter earnings report on Wednesday. Should the company’s performance meet or exceed expectations, it could help stem its stock’s downward momentum and calm the nerves of jittery investors; if not, Ford’s decision could be a harbinger of things to come.
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David Shultz
David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.
Fintech Startup Albert Lays Off 20-Plus Employees: Sources
02:28 PM | June 10, 2022
Image courtesy of Albert
Albert, a Culver City-based fintech startup backed by investors including General Atlantic and Alphabet’s growth fund CapitalG, is in the process of laying off a chunk of its locally-based staff, dot.LA has learned.
At least 20 Albert employees were informed Friday that they were being laid off, multiple sources inside the company told dot.LA. The cuts affected members of the company’s Genius customer support team as well as its engineering, operations and legal staff.
Albert employees were notified that the company would be holding an internal meeting at 2 p.m. PT Friday. The six-year-old company—part of a wave of fintech startups that help customers plan and budget their financial lives—recently celebrated hitting 250 staffers, sources noted.
Representatives for Albert did not immediately return requests for comment on the layoffs.
Some Albert employees who were among those laid off have already posted on LinkedIn about looking for new work. According to sources at the company, Albert is looking to offshore jobs on its Genius customer support team to remote locations that offer cheaper labor. The startup already operates a team in the Philippines that handles customer support and is planning to launch another team overseas, they said.
One source with knowledge of Albert’s fundraising efforts said the company has been struggling to raise its upcoming Series D round amid an ongoing slowdown in venture capital funding. Albert most recently raised a $100 million Series C round last January led by General Atlantic that took the company’s total funding to more than $170 million.
Like its fellow L.A.-based fintech startup Dave, Albert is among a cadre of so-called “neo-banks” that provide digital financial services targeted toward millennial and Gen Z consumers. Albert’s offerings include a mobile banking app, access to cash advances, an investing platform and a savings tool.
Have a tip? Email samsonamore@dot.LA.
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Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
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samsonamore@dot.la
Staples Center Will Become Crypto.com Arena as the Blockchain Expands Deeper Into LA's Creative Industries
12:42 PM | November 17, 2021
Courtesy Crypto.com
Merry Christmas, Los Angeles.
On December 25, the sports and entertainment mecca once known as Staples Center will officially be re-christened The Crypto.com Arena. It will stay that way for at least the next 20 years, according to the contract signed between the stadium's owner, AEG, and the Singapore-based company.
The company behind the new naming rights, Crypto.com, operates a cryptocurrency exchange and NFT platform focused on trading sports and entertainment-based NFTs. Its coin, called CRO, jumped over 25% in the hours after the announcement, making it among the most valuable cryptocurrencies, according to independent crypto data tracker CoinGecko.
It recently released a video introducing itself by way of Hollywood heavyweight Matt Damon:
Los Angeles is not known to be home to a cryptocurrency boom, but the blockchain technology that undergirds the ultra-verifiable, but mostly anonymous concept has shaken up the creative industries based in the city, in the form of artist NFTs, music offerings and unique systems for ticketing concerts and other events.
The stadium is home to the Los Angeles Lakers, Clippers, LA Sparks and the NHL's Los Angeles Kings. And the deal will surely bring awareness to a craze that has slowly been creeping into mainstream culture. Market cap for crypto currencies sat at around $2.7 trillion on Wednesday, according to CoinGecko.
"Known as the creative capital of the world, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment," Crypto.com co-founder and CEO Kris Marszalek said in a statement announcing the deal. "We're very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in L.A. and around the world."
The NBA is not new to crypto. It partnered with Canadian-based Dapper Labs to launch TopShop, a crypto-collectible platform where fans can purchase goods through NFTs. L.A.-based BallerTV has also recently joined the blockchain boom, creating NFTs for promising amateur players.
The change officially takes place when the Los Angeles Lakers host the Brooklyn Nets. Terms of the deal weren't disclosed but multiple reports said Cryto.com paid $700 million for the naming rights.
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Eric Zassenhaus
Eric Zassenhaus is dot.LA's managing editor for platforms and audience. He works to put dot.LA stories in front of the broadest audience in the best possible way. Prior to joining dot.LA, he served as an editorial and product lead at Pacific Standard magazine and at NPR affiliate KPCC in Los Angeles. He has also worked as a news producer, editor and art director. Follow him on Twitter for random thoughts on publishing and L.A. culture.
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