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☆ The IPO reopening is real. Just look at Rubrik, the first unicorn to go public in months
▼ + stars: | 2024-04-25 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Last night data security firm Rubrik priced 23.5 million shares at $32, above the price talk of 23 million shares at $28-$31, raising $752 million. Rubrik is the first tech unicorn IPO since last fall. Marex Group, a UK-based financial services company known for its global clearing business, priced 15.4 million shares at $19, the midpoint of the price talk of $18-$21, raising $292 million. Loar Holdings, which makes aerospace and defense components, priced 11 million shares at $28, above the range of $24-$26, raising $308 million. All eyes on Rubrik Rubrik is an important test of the tech IPO market.

Persons: Matt Kennedy, Rubrik, Kennedy, Ingram, Del Organizations: Marex, Nasdaq, Loar Holdings, New York Stock Exchange, Viking Holdings, Arm Holdings, Renaissance Capital, UL, Astera Labs, Forge, Companies, Ingram Micro, Epic Locations: Del Monte

☆ How a Ford dealership saved me from a charging disaster my first time driving a Tesla Cybertruck
▼ + stars: | 2024-04-23 | by ( Graham Rapier | ) www.businessinsider.com time to read: +1 min

Tesla owners have told me for years that the Supercharger network was a huge selling point, and this trip proved that to be true. On the return trip, I simply plugged in a Supercharger along my route into the computer and headed down the road. The truck immediately began charging at warp speed compared to my other two tries, adding 140 miles of range every hour. I dropped off the truck with about 125 miles of range right next to a Supercharger. On my next road trip in an EV, I'll double-check my adapters — and not count on random ones to get the job done.

Persons: Superchargers, Graham, Supercharging Organizations: Graham Rapier Locations: Johnson City , Texas

☆ There are green shoots appearing in the IPO market. Here are the stocks to watch going public soon
▼ + stars: | 2024-04-10 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Two months ago, I wrote a story entitled, "The IPO market is looking very shaky and facing challenges galore." Two months later, the IPO market is still shaky, but there are definite signs of improvement. Second, three $100 million IPOs have filed to go public in the past week, including Viking (the cruise line operator) and Rubrik, a data management platform. Greg Martin at Rainmaker Securities told me that the recent performance of Reddit and Astera Labs, "Were nice shots in the arm for the IPO market. Even with markets at new highs, the specter of interest rates creeping up is still hanging over the IPO market.

Persons: Matt Kennedy, Reddit, Greg Martin, Ibotta, Ingram, Del, Viking, Howe Ng, I'm, Martin, Rainmaker, Santosh Rao Organizations: IPOs, Viking, Renaissance Capital, Astera Labs, Rainmaker Securities, NYSE, UL Solutions, Underwriters Laboratories, Nursing, Centuri Holdings, Labs, Companies, Ingram Micro, Epic, Manhattan Venture Partners Locations: IPOs, Del Monte

☆ The Tesla Cybertruck is impressive and worrying
▼ + stars: | 2024-02-23 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +9 min

Then, in 2019, Elon Musk unveiled the Tesla Cybertruck, a bare metal box on wheels. Even when I parked a rented Tesla Cybertruck next to a hot-pink McLaren supercar in a shopping center parking lot in California, the people in the McLaren couldn’t stop talking about the Cybertruck. Peter Valdes-Dapena/CNNThe Tesla Cybertruck looks like nothing else on the road. There’s a lot to like about the Cybertruck, but it also embodies a disturbing level of individual arrogance in hard, unforgiving steel. The Tesla Cybertruck's simple interior is nice enough but, with hardly any switches or knobs, this is the easy part.

Persons: Tesla, Elon Musk, who’d, Peter Valdes, Walter Isaacson’s, Musk, It’s, CNN Tesla, I’d, haven’t, there’s Organizations: Laguna Beach , California CNN, Ford, Chevrolet Silverado, GM, McLaren, CNN, Tesla, SpaceX, Goodyear, Lamborghini, Ferrari, General Motors, Silverado EV Locations: Laguna Beach , California, California, Turo

☆ A Wisconsin Uber driver explains why the most profitable time to work is when 'you don't want to drive'
▼ + stars: | 2024-02-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

A Wisconsin Uber driver said working inconvenient hours gives him the best chance to make money. AdvertisementFor Ken Morris, an Uber driver based in Green Bay, Wisconsin, embracing unideal working hours is the best way to make money as a ride-hailing driver . “If you don’t want to drive, that’s probably when you should be driving,” Morris, 49, told Business Insider via email. In 2022, he took home roughly $14,000 as an Uber ride-hailing driver — about $1.1 per online mile driven — according to a document viewed by BI. These income figures include tips and bonuses and don’t account for driving expenses like gas, maintenance, and depreciation.

Persons: Uber, —, Ken Morris, ” Morris, Morris, he’s, it’s, I’ve, haven’t, Lyft, Tipping, ”, Morris wasn't, he’d, Gridwise, it's Organizations: Service, Uber, BI, “ Locations: Wisconsin, Green Bay , Wisconsin

☆ A San Francisco Lyft driver explains how Waymo's self-driving taxis have made driving even more competitive
▼ + stars: | 2024-02-14 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

A San Francisco-based Lyft driver said Waymo's self-driving taxis have made the job more competitive. And it is getting harder every day.”AdvertisementMore drivers, ride challenges, and self-driving taxis make ride-hailing competitiveA self-driving Waymo car in San Francisco. Lyft has a self-driving partnership with the riderless technology company Motional in Las Vegas, which has led to the completion of over 100,000 self-driving Lyft trips. In October, San Francisco banned Cruise from operating in San Francisco after it failed to disclose video footage of a woman being pinned under one of its vehicles. The company told BI it has a couple hundred self-driving taxis in its San Francisco fleet.

Persons: —, Nick Boenzi, San Francisco — Boenzi, Boenzi, He’d, ”, Lyft, Uber, Lyft’s, Cruise, Waymo, he’s, he’ll Organizations: Service, San Francisco International Airport, Getty, BI, who’ve, General Motors, California Public Utilities Commission, San, Lyft Locations: Francisco, San Francisco, Las Vegas, Phoenix, Cruise

☆ IPO watchers are pinning hopes for recovery on a strong stock market and the AI boom
▼ + stars: | 2024-01-22 | by ( Bob Pisani | ) www.cnbc.com time to read: +8 min

Yet the main IPO ETF, the Renaissance Capital IPO ETF ( IPO ), has been for sale most of the month. "For the IPO market to open up, it would help not to have our IPO ETF down 9%," he said. Forge Global maintains a Private Market Index , a measure of 75 late-stage pre-IPO companies. "This tells you valuations are getting reset in the private market," Ng told me. Can AI save the IPO market?

Persons: Matt Kennedy, Homebuilder Smith Douglas, Don Short, Salomon, Wilson, Howe Ng, Ng, Del, Waystar, Kim Kardashian's, Short, Vincent Harrison Organizations: Renaissance Capital, Nasdaq, Amer Sports, Arc'teryx, Forge, SEC, Companies, Reuters, Auto, Turo, CNBC, Microsoft, Gaming, SpaceX, Forge Global Locations: Kazakhstan, IPOs, Pitchbook

☆ You can rent a Cybertruck on Turo — if you can cough up $1,000 a day
▼ + stars: | 2024-01-17 | by ( Nora Naughton | Alistair Barr | ) www.businessinsider.com time to read: +2 min

AdvertisementThe Tesla Cybertruck is starting to pop up on the vehicle rental app Turo. For about $1,000 a day, in either San Jose, California, or Austin, you can test drive early versions of the Cybertruck. Tesla Cybertruck listing on Turo Business InsiderIt's worth noting that off-roading is restricted by both Turo and the renter in this case. Photo of the Cyberbeast decal in a Turo listing for the Cybertruck Business InsiderThere has already been chatter among Cybertruck fans online about renting out Cybertrucks on Turo, with one posting their experience on TikTok earlier this month. Have you rented a Cybertruck or listed your own Cybertruck on Turo or through another service?

Persons: —, Tesla, Elon Musk Organizations: Service, Turo, Cybertruck Locations: San Jose , California, Austin, Texas, San Jose, San Francisco

☆ Dud IPO market closes 2023 with a whimper for the second year in a row
▼ + stars: | 2023-12-08 | by ( Bob Pisani | ) www.cnbc.com time to read: +8 min

Another year, another lousy IPO market. The 2023 IPO market is closing with a whimper, not a bang. You'd think the IPO market would be bubbling, but it's dead quiet. Source: Renaissance Capital For a good part of the year, the excuse was interest rates were rising, the market was too volatile, and the after market performance of 2023 IPOs was terrible. The November rally is too little too late to save the IPO market Unfortunately, it all came a little too late to rescue 2023.

Persons: Birkenstock, You'd, Rivian, Doordash, IPOs, Matt Kennedy, Don Short, you've, haven't, confidentially, Waystar, Kim Kardashian's, Musk, Howe Ng, Ng, Kyle Stanford, Instacart, it's, James Ulan, Stanford, Pitchbook, Greg Martin Organizations: Renaissance, That's, IPOs, Hertz, Sotera, ARM, Renaissance Capital, Klarna, Microsoft, Forge Global, Bloomberg, SpaceX, Nvidia, Rainmaker Securities Locations: Pitchbook

☆ Rental Cars: Know the Pitfalls
▼ + stars: | 2023-11-16 | by ( Elaine Glusac | ) www.nytimes.com time to read: +2 min

Maximize your membershipsUse memberships at the retailer Costco or the organizations AAA or AARP to get a discount at specific companies. If you’re strictly joining Costco to rent cars, it may take a few rentals a year to recoup the $60 membership fee. Consider alternative companiesTuro and Getaround act like Airbnbs for rental cars: Owners offer their vehicles to rent through company websites or apps. Available in more than a dozen cities in the United States, the app- and internet-based rental company Kyte, which has no brick-and-mortar locations, will drop off and pick up its cars, which are competitively priced, wherever you specify, at no extra charge. The contactless and app-based UFO Drive rents E.V.s in more than 20 cities in the United States and Europe.

Persons: Hertz, Kyte Organizations: Costco, AAA, AARP, Avis Locations: United States, Britain, Canada, France, Australia, Europe

☆ ‘Ring of fire’ annular eclipse: Here’s where to see it
▼ + stars: | 2023-10-07 | by ( Terry Ward | ) edition.cnn.com time to read: +11 min

Path of the ‘ring of fire’ eclipseBehold the beauty of an annular solar eclipse. For many, the event is being seen as a sort of warm-up for the 2024 total solar eclipse, which professor Mark Littmann calls “the gold standard” of eclipse viewing. It gives you a kind of an omen of what a total eclipse would look like.”Viewing an annular eclipse is far from routine: The next one won’t happen over the contiguous United States until 2046. Corpus Christi, TexasCorpus Christi residents and visitors will among the last to witness the annular eclipse on the US mainland. Santa Fe National Park, PanamaSanta Fe National Park in Panama will also enjoy the spectacular event.

Persons: Mark Littmann, ”, ” Littman, Debra Ross, ” Ross, Richard Tresch Fienberg, Bryce, ” Clark, Dave Clark, Del, Campspot, Yogi Bear’s, Clark, Christi, Chichén, Matthias Kestel Organizations: CNN, University of Tennessee, North, Eclipse, Task Force, “, CNN Travel, Utah, Capitol, Navajo Tribal, Boulder Mail, NASA, NOAA, Roswell Public Library, Grande Recreation, Alamo Beer Company, Omni, Corpus Christi, Christi, UNESCO, Santa Fe, Panama Santa Fe Locations: United States, Oregon , New Mexico, Texas, Antonio , Texas, Qingdao, Shandong Province, China, Oregon, Central, South America, Guatemala, Belize, Honduras, Nicaragua, Panama, Colombia, Brazil, Arizona, New Mexico , Utah, Colorado, Boulder, Bryce, annularity, Albuquerque, Roswell , New Mexico, New Mexico, Roswell, Grande, Antonio, San Antonio, Jose, Del Rio, Kerrville, Guadalupe, Bandera, Garner, Corpus Christi , Texas, Christi, Corpus Christi, Mexico, Corpus, North Padre, Uzmal, Mérida, Edzná, Campeche, of Mexico, Santa, Panama Santa, Santa Fe

Birkenstock believes it can obtain the final sign-off from the U.S. Securities and Exchange Commission even during a shutdown when the financial regulator would operate with only essential staff, the sources said. SEC Chair Gary Gensler said on Wednesday that a shutdown would reduce his agency's staffing to "skeletal" levels, blocking it from approving companies' IPO filings and hindering the agency's ability to respond to any market turmoil. An SEC spokesperson did not immediately respond to a request for comment on Birkenstock's IPO plans. Companies less advanced in their IPO preparations, including healthcare software vendor Waystar, healthcare services firm Brightspring and car-sharing platform Turo, could be affected by a government shutdown. They did not immediately respond to requests for comment.

Persons: Birkenstock, Kevin McCarthy, Gary Gensler, Abigail Summerville, Anirban Sen, Chris Prentice, Echo Wang, Lisa Shumaker Organizations: U.S, U.S . Securities, Exchange, Republican U.S, SEC, Companies, Thomson Locations: Washington, New York

☆ As shutdown looms, companies should go public 'before Friday'-US SEC chief
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., U.S., May 12, 2021. Gensler said the agency would lose more than 90% of its workforce to unpaid furloughs, leaving a "skeletal" staff to perform essential functions. "If a company were deciding to go public or raise offerings, they'd want to go effective before Friday if they're ready to," Gensler said. Gensler also acknowledged that should a major disruption occur on Wall Street, "senior leadership would be there but again we'd be down to a skeletal staff." Major Wall Street indices were down markedly shortly toward 1700 GMT, adding to recent days' losses driven by investor concerns about the path of interest rates, with a possible shutdown also weighing on trading.

Persons: Andrew Kelly, Gary Gensler, Gensler, we'd, Joe Biden, Douglas Gillison, Lance Tupper, Lewis Krauskopf, Paul Simao, David Holmes, Alistair Bell Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Birkenstock, Wednesday, Washington, Democratic, SEC, Republican, Clarios, Thomson Locations: Washington ,, Washington, New York

☆ Here's Goldman Sachs' complete guide to successfully trading IPOs
▼ + stars: | 2023-09-18 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Wary of high valuations Goldman warned investors about IPOs that have high valuations. "Investors should also be wary of IPOs that come to market at extremely high valuations," Kostin said. Day 1 indicator IPOs that pop dramatically on the day that they debut can typically sustain their rally in the short run, Goldman said. Conversely, IPOs that fall on their first day typically decline by an additional 4% over the subsequent three months. But Goldman noted that the first day indicator doesn't correctly predict IPOs' long-term performance.

Persons: Goldman Sachs, Goldman, Russell, David Kostin, Kostin Organizations: Arm Holdings, Wall, Reserve, Turo, SoftBank

☆ WSJ Opinion: The Impeachment Inquiry Into Biden Family Business Dealings
▼ + stars: | 2023-09-15 | by ( ) www.wsj.com time to read: 1 min

This former teacher ‘house hacked’ and hustled her way to wealthChris Lovell was in more than $100k of debt and struggling to make ends meet as a teacher in Los Angeles when she decided to make a change. She and her husband ‘house hacked’ their first duplex, started renting cars through Turo, and she took on additional work teaching, got a higher paying job and started a side hustle, the Money Mom (now Careers by Chris), to get to a six-figure net worth.

Persons: Chris Lovell, Chris Locations: Los Angeles

☆ Sequoia and Andreessen to take a huge hit on their 2021 Instacart investment, after a 75% plunge in valuation
▼ + stars: | 2023-09-15 | by ( Ari Levy | ) www.cnbc.com time to read: +5 min

That's more than 75% below where Sequoia and Andreessen invested in early 2021. At that time, Instacart sold shares at $125 a piece for a $39 billion valuation. The 400,000 shares it purchased in 2021 are a small sliver of the 51.2 million shares it owns. Neither Sequoia nor Andreessen participated in that round. Even if Instacart's IPO can't lift its valuation anywhere near its Covid-era peak, it's likely that Sequoia, Andreessen and other venture firms are hoping it helps lift public investor enthusiasm for new tech stocks.

Persons: Andreessen Horowitz, Instacart, Andreessen, Covid shutdowns, Nick Giovanni, Sequoia's Mike Moritz, Rowe Price, It's, haven't, VCs, DoorDash, hasn't, there's, isn't, Valiant Peregrine Organizations: Sequoia Capital, D1 Capital Partners, Federal Reserve, Consumers, Nasdaq, Sequoia, Valiant, D1 Locations: Sequoia, IPOs, U.S, Instacart, SoftBank

☆ Arm Shares Surge on Nasdaq After Biggest IPO of the Year
▼ + stars: | 2023-09-15 | by ( ) www.wsj.com time to read: 1 min

Persons: Chris Lovell, Chris Locations: Los Angeles

☆ Sequoia and Andreessen get hosed on their 2021 Instacart investment, after a 75% plunge in valuation
▼ + stars: | 2023-09-15 | by ( Ari Levy | ) www.cnbc.com time to read: +5 min

Persons: Andreessen Horowitz, Instacart, Andreessen, Covid shutdowns, Nick Giovanni, Sequoia's Mike Moritz, Rowe Price, It's, haven't, VCs, DoorDash, hasn't, there's, isn't, Valiant Peregrine Organizations: Sequoia Capital, D1 Capital Partners, Federal, Consumers, Nasdaq, Sequoia, Valiant, D1 Locations: Sequoia, IPOs, U.S, Instacart, SoftBank

☆ UAW Begins Unprecedented Strike at Three Factories
▼ + stars: | 2023-09-15 | by ( ) www.wsj.com time to read: 1 min

Persons: Chris Lovell, Chris Locations: Los Angeles

☆ The IPO trade trend now is focused on multiple expansions: Manhattan Venture's Rashaun Williams
▼ + stars: | 2023-09-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe IPO trade trend now is focused on multiple expansions: Manhattan Venture's Rashaun WilliamsRashaun Williams, Manhattan Venture Partners general partner, joins 'Closing Bell' to discuss efforts to recover strength in the IPO market, Turo's plans to go public, and the trickle-down effects of mega-cap earnings.

Persons: Rashaun Williams Rashaun Williams Organizations: Manhattan Venture Partners

The drought in the IPO market could be near an end, according to a big investor overseeing more than $70 billion. Alan Waxman, the CEO and co-founder of Sixth Street, believes we're in about the seventh inning of the downturn in the IPO market as he sees a "real pickup" in the pipeline. His firm has exploded in growth, invested in everything from direct lending to growth companies to real estate to insurance to sports. The IPO market experienced a big lull over the past year as an aggressive Federal Reserve and recession fears diminished appetite. If interest rates stabilize and the stock market maintains its 2023 gains, investors might be open to new issuance again.

Persons: Alan Waxman, Waxman, CNBC's Leslie Picker . Organizations: Sixth, Spotify, Reserve

☆ Why Many of China’s College Grads Are Becoming ‘Full-Time Children’
▼ + stars: | 2023-08-30 | by ( ) www.wsj.com time to read: 1 min

Persons: Chris Lovell, Chris Locations: Los Angeles

☆ Arm going public generates buzz but may not be a sign the IPO market is thawing
▼ + stars: | 2023-08-23 | by ( Bob Pisani | ) www.cnbc.com time to read: +7 min

It's an old saw: The most important factors for a strong IPO market are an up market and stable interest rates. The problem is that there is not much similarity between Arm and tech unicorns. It's a tough choice: Negotiate onerous new rounds of funding with venture capital firms, or go public at a lower valuation. But if you can't, you either take another lower funding round or go public at a lower valuation." Many companies still looking to go public "This won't open the floodgates for tech unicorns," Kennedy said.

Persons: Rivian, Matt Kennedy, Santosh Rao, Rao, Johnson, Kennedy, Don, Softbank, Birkenstock Organizations: Labor, Renaissance Capital, Manhattan Venture Research, London Stock Exchange, Nasdaq, Softbank, Vision Group, PayPal, Shein Locations: China, IPOs

☆ I rented a Tesla on Turo for a road trip. I own an EV, but 3 things about the Model 3 still surprised me.
▼ + stars: | 2023-08-17 | by ( Gia Mora | ) www.businessinsider.com time to read: +9 min

Gia Mora, an electric-vehicle enthusiast, went on a 1,000-mile road trip in a Tesla Model 3. Gia MoraWe decided to rent a longer-range electric car on Turo, a peer-to-peer car-rental app. Using a key card is different from controlling the car by appMora locks the Model 3 with a key card. Tesla Model 3 one-pedal driving is hard to adjust toBy the end of the trip, Mora felt comfortable driving the Tesla Model 3. Tesla Model 3 is worth the hypeThe Model 3 had a reliable range, accessible charging stations, luxurious seats, and glasslike driving.

Persons: Gia Mora, Mora, Tesla, Amy, Amy Senger, Steve Mandzik, Amy Senger Amy, Mora sips, San Luis Obispo, Senger, we'd, I'd, would've Organizations: Tesla, Nissan, Fiat, John Wayne Airport, Turo Locations: Northern California, San Ardo , California, Orange County , California, Orange County, Los Angeles County, Salinas, Santa Barbara, San Ardo, San Luis, San Luis Obispo , California

☆ Californians are fleeing to Texas, where homes and the cost of living are cheaper
▼ + stars: | 2023-08-14 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

Many Californians have relocated to Texas, as higher housing costs drive them out of the state. In 2021, almost 108,000, people migrated from California to Texas, according to an analysis of the most recent Census data. The saying is that everything is "bigger" in Texas but, for Californians, is it also cheaper? And in June, Redfin found its median home sale price to be $362,000, compared with the US median sale price of $425,177 as of June. In 2022, he and his wife, Erika Dominguez, moved to Dallas, after struggling to afford rent in California, USA Today reported.

Persons: Rogelio Saenz, Saenz, Redfin, Ryan Petersen, Erika Dominguez, Petersen, Peterson, Petterson, Alcynna Lloyd Organizations: Census, Service, Lone Star, University of Texas, USA Today, USA, Instacart, alloyd Locations: Texas, California, Wall, Silicon, San Antonio, Orange County, Dallas, USA

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