Fidelity

Stride aims to give every gig worker a portable benefits account

Stride secures $47 million funding raise to build out portable benefits accounts for gig workers and gig drivers

One enduring feature of the gig economy is “multi-apping” — driving or delivering for several platforms. Many gig workers drive not only with Uber, for example, but with Lyft, too.

The problem, though, is that gig workers don’t receive benefits from any of the platforms they work for due to their legal status as independent contractors, which has contributed to a back-and-forth between gig workers and gig companies that has roiled the gig economy for months.

But what if gig workers not only...

https://www.freightwaves.com/news/stride-aims-to-give-every-gig-worker-a-portable-benefits-account

Rivian files for what could be the 4th-largest IPO of the decade

Rivian files for IPO, electric vehicle maker seeks $80B valuation

Amazon-backed electric vehicle maker Rivian confirmed Friday it has filed paperwork for an initial public offering, aiming to sell on the Nasdaq under the symbol “RIVN.” The placeholder value of the IPO is $100 million. 

The public capital raise is being led by a syndicate that includes power players Morgan Stanley, Goldman Sachs and JP Morgan.

According to the filing, the EV maker is still far from profitable, losing $994 million in the first six months of 2021 and over $1 billion in 2020.

“We...

https://www.freightwaves.com/news/rivian-files-for-what-could-be-the-4th-largest-ipo-of-the-decade

Rivian for the win: Electric-vehicle maker targets $8B IPO windfall

Electric vehicle maker Rivian moves closer to IPO

Electric-vehicle maker Rivian, which is backed by Amazon, Ford and T. Rowe Price, is looking to raise between $5 billion and $8 billion in an initial public offering, Reuters is reporting.

The company filed last month confidentially with the Securities and Exchange Commission for an IPO that could value the company at $80 billion.

“The size and price range for the proposed offering have yet to be determined,” the company said in a statement issued to the media at the time. “The initial public...

https://www.freightwaves.com/news/rivian-for-the-win-electric-vehicle-maker-targets-8b-ipo-windfall

Breaking: Amazon-backed Rivian files for $80B IPO

Electric van maker Rivian files for IPO

Electric vehicle maker Rivian has confirmed it has filed confidentially with the Securities & Exchange Commission for an initial public offering that could value the company at $80 billion, according to reports.

“The size and price range for the proposed offering have yet to be determined,” the company said in a statement issued to the media. “The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.”

Bloomberg was...

https://www.freightwaves.com/news/breaking-amazon-backed-rivian-files-for-80b-ipo

Laying PIPE: Additional cash raises valuations of SPAC targets

Electric vehicle and infrastructure startups continue to attract hundreds of millions of dollars from special purpose acquisition companies (SPACs) targeting business combinations and speedy public trading debuts.

Set aside the hype around the tens of billions invested in so-called blank-check companies. It is  pocket change compared to the trillions held by investment funds, venture capital and private equity, said Mark Saraiva, Cowen Inc. managing director and head of its transportation group.

“...

https://www.freightwaves.com/news/laying-pipe-additional-cash-raises-valuations-of-spac-targets

Flood of new and cheap shares sink Nikola stock

New shares sinnk Nikola stock

Holders of warrants for new stock and early investors who bought discounted shares in electric truck startup Nikola Corp. (NASDAQ: NKLA) poised to head for the exits after trading hours on Friday.

In a prospectus filed with the U.S. Securities and Exchange Commission, Nikola said it would receive about $274 million from the sale of 23 million new shares. Those shares will be added to the current 361 million shares.

But Nikola gets nothing from owners who purchased 53 million shares in VectoIQ....

https://s29755.pcdn.co/news/flood-of-new-and-cheap-shares-sink-nikola-stock