🚀 Rivian spins out micromobility startup

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. RJ Scaringe’s Rivian has spun out a new micromobility startup called Also, backed by $105 million from Eclipse Ventures, aiming to create smaller, more affordable EVs for urban transportation. While details are scarce, Scaringe hinted at a bike-like form factor leveraging Rivian’s tech and economies of scale to reduce costs. Chris Yu, formerly of Specialized, will lead the 70-person team, which includes talent from Apple, Google, and Tesla. Also plans to launch its first product next year, targeting consumers in the U.S. and Europe, with future expansion into commercial markets, particularly in dense metro areas.

2. Tech stocks led a market decline Wednesday as tariff concerns resurfaced, with the S&P 500 dropping 1.1%, the Nasdaq shedding 2%, and Nvidia plunging over 6%. President Trump is set to announce new auto import tariffs, sending GM and Ford down more than 1% each, while broader sector-specific levies are expected next week. Despite recent protectionist fears dragging equities into correction territory, the S&P 500 has rebounded 5% in eight sessions, recovering nearly half its losses from last month.

3. The U.S. Treasury Department is preparing for significant layoffs as part of broader federal workforce reductions driven by Elon Musk’s Government Efficiency Department (DOGE) under President Trump’s directive. A court filing by Treasury HR official Trevor Norris confirmed that “substantial” job cuts will be implemented across various bureaus. Maryland has filed a legal challenge to halt the layoffs, and judges have issued temporary restraining orders against DOGE’s downsizing efforts. Treasury insists no final decisions have been made, but the move signals a rollback of Biden-era hiring expansions and a push for operational consolidation.

4. Headlines

   1. OpenAI expects revenues to reach $12.7B this year.

   2. Bank of America believes that gold could hit $3,500 this year.

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This tech company grew 32,481%..

No, it's not Nvidia. It's Mode Mobile, 2023’s fastest-growing software company according to Deloitte.

They’ve just been granted their Nasdaq stock ticker, and you can still invest at just $0.26/share.

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*Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.
*The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
*Please read the offering circular and related risks at invest.modemobile.com.

Onwards and Upwards,

Liam Gill