Why Rivian's Stock Is On the Rebound

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Why Rivian's Stock Is On the Rebound
Five Things You Should Know About Rivian’s Massive IPO
Electric truck maker Rivian staged a mini-revival on the stock market Monday, propelled by the news that George Soros’ investment firm had snapped up nearly $2 billion worth of shares in the company late last year.

Rivian shares climbed more than 12% at one point Monday morning, thanks in part to Soros Fund Management’s Friday disclosure that it had poured roughly $2 billion into acquiring 19.8 million shares of the company in the fourth quarter. The stock gave back some of those gains on Monday afternoon but still ended the day’s trading up more than 6%, at $62.65 per share.

The Irvine-based, Amazon-backed Rivian’s blockbuster November IPO briefly made it the world’s third-most valuable automaker, with a market capitalization that exceeded $150 billion at one point. But the electric truck manufacturer’s stock has since wilted dramatically; its losses have outpaced the broader market’s correction, thanks in part to a missed 2021 production goal. Rivian shares are down roughly 40% in 2022 so far and 65% from their November all-time high of almost $180 per share.

As a result, investors like Soros Fund Management have taken a substantial hit. The investment firm paid about $2 billion to acquire its nearly 20 million shares in Rivian—but since then, the value of its stake has reportedly slipped to less than $1.2 billion.

Besides Rivian, other Los Angeles-based electric automakers makers have also struggled on the markets lately. The likes of Fisker, Faraday Future and Xos are presently down about 64%, 77% and 84%, respectively, from their 52-week highs.

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Genies Wants To Help Creators Build ‘Avatar Ecosystems’

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”

The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.

Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.

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Here's What To Expect At LA Tech Week

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Here's What To Expect At LA Tech Week

LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.

The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.

From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.

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Behind Her Empire: AAVRANI Co-Founder Rooshy Roy On Redefining Success and Embracing Identity

Yasmin Nouri

Yasmin is the host of the "Behind Her Empire" podcast, focused on highlighting self-made women leaders and entrepreneurs and how they tackle their career, money, family and life.

Each episode covers their unique hero's journey and what it really takes to build an empire with key lessons learned along the way. The goal of the series is to empower you to see what's possible & inspire you to create financial freedom in your own life.

AAVRANI Co-Founder Rooshy Roy
Photo courtesy of AAVRANI

Growing up in the suburbs of Detroit, Rooshy Roy said, as the only Indian girl in school, she spent a lot of time feeling like an outsider and like she wasn’t meeting others’ expectations of “how an Indian girl should behave.”

Flash forward 20 years, and the differences Roy was once ashamed of are now the inspiration for her skincare company.

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