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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March Capital Raises $650 Million Fund to Invest in AI Startups

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

March Capital Raises $650 Million Fund to Invest in AI Startups
March Capital founder Jamie Montgomery. Illustration by Dilara Mundy.

Santa Monica-based venture outfit March Capital announced Feb. 3 that it raised its largest fund to date, a $650 million investment vehicle that will be used to back up to 15 startups focused on delivering new uses of artificial intelligence.

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The Three Best Ways to Work With Your Startup Board

Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

The Three Best Ways to Work With Your Startup Board

When launching and running a startup, your board of directors is one of your most valuable assets. If you already understand why you need a board and how to structure your board, it may be tempting to think you can cross that item off the list. But building a board is just the beginning. Now you’ve got to get down to business—together.

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This Week in ‘Raises’: Saviynt Lands $205M, Pagos Secures $34M

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

This Week in ‘Raises’: Saviynt Lands $205M, Pagos Secures $34M
This Week in ‘Raises’:

While it was a slow week of funding in Los Angeles, security vendor Saviynt managed to score $205 million that will be used to meet the company’s growing demand for its converged identity platform and accelerate innovation.

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