LA Tech Updates: EV-Makers Rivian, Fisker, Karma Get Super-charged; Facebook issue crashes TikTok
Rachel Uranga covers the intersection of business, technology and culture. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.
Francesca Billington is a dot.LA editorial intern. She's previously reported for KCRW, the Santa Monica Daily Press and local publications in New Jersey. Before joining dot.LA, she was a communications fellow at an environmental science research center in Sri Lanka. She graduated from Princeton in 2019 with a degree in anthropology.
- Tesla shares soar, Fisker rumored to go public, Karma gets $100m
- Facebook issues crash TikTok, Pinterest, Spotify
A Super-Charged Electric Vehicle Market: Rivian, Fisker and Karma Rake in Funds
Rivian Automotive is the maker of electric pickup trucks.
Tesla's success has super-charged investor interest in the electric vehicle market.
Exhibit A is the two Southern California-based electric car makers, Fisker and Karma, which secured millions in funding this week as they sought to ramp up production. Then came word Fisker, created by one-time Aston Martin designer Henrik Fisker, is now in talks to go public through a sale to a so-called blank-check acquisition company, Reuters reported on Thursday.
Today, Detroit-based Rivian Automotive, maker of electric pickup trucks that's backed in part by Ford Motor Co., announced that it secured $2.5 billion in funding from private investors.
The race to push out more electric vehicles comes as after Tesla supplanted Toyota as the most valuable car maker. Its shares have been soaring and it now has a market cap that stands at over $285 billion despite controversies and a much lower production volume.
Spartan Energy is bidding against other special purpose acquisition companies, or SPACs as they are called, to bring Fisker public through a reverse merger, according to the report. Spartan is backed by Apollo Global Management, a private equity firm.With a freshly secured $50 million in private funds, Fisker plans to sell the Fisker Ocean luxury electric SUV at a starting price of $37,500 in 2022. Fisker's previous venture Fisker Automotive fell into bankruptcy in 2013 and was bought by a Chinese group that rebranded it Karma. That company, which has been struggling after several layoff rounds and restructuring, is Karma and earlier this week secured $100 million from investors. It hopes to use that to raise a total of $300 million and roll out a line of electric vehicles.
Facebook issue crashes Spotify, TikTok, Pinterestfarm5.staticflickr.com
If you were trying to use a handful of iOS apps including Spotify, TikTok and Pinterest Friday morning chances are you couldn't get in because of a Facebook log-in issue.
The hiccup came from Facebook's software development kit (SDK), which several apps rely on to operate. Developers use SDK for users who want to sign in with their Facebook account.
"Earlier today, a code change triggered crashes for some iOS apps using the Facebook SDK," Facebook's developer site announced. "We identified the issue quickly and resolved it. We apologize for any inconvenience."
The crash hit some of the biggest apps.
"Something's out of tune," Spotify's Status account said on Twitter in the early morning. "We're currently investigating, and we'll keep you posted here!"
It's the second time this year the Facebook interface has caused a crash.
Something's out of tune. We're currently investigating, and we'll keep you posted here!
— Spotify Status (@SpotifyStatus) July 10, 2020
- Fisker to Go Public, Set to Produce Electric Cars by 2022 - dot.LA ›
- Karma Automotive Details Plans to Go Public - dot.LA ›
- Fisker Picks Up Manhattan Beach Headquarters - dot.LA ›
- Karma prices its electric car at $79,000 - dot.LA ›
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Minutes into filling out my absentee ballot last week, I was momentarily distracted by my dog Seamus. A moment later, I realized in horror that I was filling in the wrong bubble — accidentally voting "no" on a ballot measure that I meant to vote "yes" on.
It was only a few ink marks, but it was noticeable enough. Trying to fix my mistake, I darkly and fully filled in the correct circle and then, as if testifying to an error on a check, put my initials next to the one I wanted.
Then I worried. As a reporter who has previously covered election security for years, I went on a mini-quest trying to understand how a small mistake can have larger repercussions.
As Los Angeles County's 5.6 million registered voters all receive ballots at home for the first time, I knew my experience could not be unique. But I wondered, would my vote count? Or would my entire ballot now be discarded?
My distractingly sweet dog, Seamus.
Photo by Tami Abdollah
Fresh off of closing a $50 million round that valued the company at $300 million, Triller – headquartered in L.A. and with offices in New York, London and Paris – is now seeking $250 million at a valuation of $1.25 billion, according to executive chairman Bobby Sarnevesht. The short-form, user-generated video sharing app's momentum has picked up lately thanks to increased usage during the pandemic and the troubles of TikTok.
Triller executive chairman Bobby Sarnevesht.
Pegasus Tech Ventures chief executive Anis UzzamanAnis Uzzaman
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