Rivian goes public in the biggest IPO in 2021
Plus: Affirm secured a bigger Amazon deal & Google lost EU antitrust appeal
Hello there,
Rivian (RIVN), the first electric truck company was valued at about $86 billion in its U.S public offering.
Why this matters: The EV startup is now a publicly-traded company after executing one of the biggest IPOs in history - not bad at all. It's IPO was priced at $78 but it opened at $106.75 and closed at $100.73, up $22.73 from its offer price. Rivian said that it will be largely focused on making vans for Amazon (AMZN), which owns about 20% of the company. The company is trading on Bamboo under the ticker $RIVN. (Barron's)
Sign-up for our free webinar to find out how The Motley Fool Stock Advisor can change your financial future.
Affirm secured a bigger Amazon deal
Affirm (AFRM) announced a partnership expansion with Amazon (AMZN) and its earnings beat expectations.
Why this matters: The company’s shares soared over 30% after announcing an expansion of its partnership with Amazon. As part of the new agreement, Affirm will serve as Amazon’s sole third-party buy now, pay later option in the U.S. This was a big announcement for the company as its stock had previously plunged 15% before the Amazon expansion news. Affirm also reported earnings that were better than expectations. (Barron's)
Google lost EU antitrust appeal
Google (GOOGL) lost its appeal against the European antitrust decision and a $2.8 billion fine.
Why this matters: Things are not looking good over at Google as regulators were proven right to have fined the company for abusing its dominant position in the internet search market. Google reportedly abused its dominant position by favouring its own shopping service over competitors’. With the Google shopping appeal out of the way, attention turns next to a ruling expected in 2022 over a $5 billion battle between the EU and Google over its Android mobile operating system and the mobile search market. (Barron's)
That’s it from us
See you tomorrow.