🚀 Rivian gets $5B from VW

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian, beginning with an initial $1 billion investment. An additional $4 billion is expected by 2026, including $1 billion each in 2025 and 2026, followed by $2 billion in a joint venture for electrical architecture and software technology. Rivian shares soared by 40% after-hours Tuesday, ahead of an investor event, despite pressure from Wall Street due to cash burn and losses. The initial investment from Volkswagen will be a convertible note, potentially converting to Rivian shares after December 1. Rivian, which has been cutting costs and retooling its Illinois plant, reported a $1.45 billion loss in Q1 2024 but has over $9 billion in liquidity.

2. The European Union has accused Microsoft of violating antitrust rules by bundling its Teams and Office products, a practice that could lead to fines of up to 10% of Microsoft's global revenue if found in violation. Despite Microsoft's attempt to mitigate the issue by unbundling Teams from Microsoft 365, the EU deemed this insufficient to restore competition. Microsoft is now exploring additional solutions to address the EU's concerns. The investigation, initiated in July 2023 following a complaint from Salesforce-owned Slack, focuses on allegations that Microsoft gave Teams an unfair advantage by bundling it with Office, limiting customer choice.

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4. Headlines

   1. Inside Out 2 hit $724.4M at the worldwide box office putting it on track to be the first move since Barbie to hit $1B in revenue.

   2. Bitcoin miners are seeing significant investments after transitioning to AI companies.

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