E-truck maker Rivian Automotive, the Amazon- and Ford-backed startup that’s “received roughly $10.5 billion since the start of 2019” as a private company, is seeking a valuation of “just above $60 billion in its initial public offering next week, one of the biggest and most-anticipated deals yet in a blockbuster year for new issues” - WSJ and Bloomberg and NYTimes
A Treasury Department report released yesterday called for congressional action to “properly regulate stablecoins, a fast-growing type of cryptocurrency” that regulators warn could, if left without guardrails, “result in bank runs, consumer abuse and payment snafus” - NYTimes and WSJ and Law360 and Bloomberg
The Dow topped 36,000 for the first time to start the week, and all markets saw gains despite a “wall of worry” facing investors - Bloomberg
With big strike following big strike these days, the Times helps us understand how the economic disruption of the pandemic helped fuel a resurgence of union activity and a willingness to pull out all the stops and actually walk off the job - NYTimes
Weeks after the news that it was halting its 3-year buy-and-flip efforts, Zillow is reportedly “looking to sell about 7,000 homes as it seeks to recover from a fumble in its high-tech home-flipping business.” Zillow is seeking just shy of $3 billion for the portfolio and is targeting institutional investors as potential buyers - Bloomberg and MarketWatch
Covid has also forced CEOs to very publicly shift decades of globalization-focused cost shedding strategies that centered on cheaper labor and manufacturing abroad in favor of the reliability of local workers and supply chains despite higher costs - WSJ
Amazon has unveiled plans to launch its first to prototype satellites by late next year, a move that “will formally kick off its competition with SpaceX, the space company owned by Elon Musk, and OneWeb, among other rivals, for beaming high-speed internet connections to customers from low Earth orbit” - NYTimes and Bloomberg and TechCrunch
Troubled California utility PG&E noted in an SEC filing this week that it is the subject of a federal inquiry of the highly destructive Dixie Fire, which ravaged a million acres starting this summer and that it is facing a probable $1.15 billion loss associated with related liability - NYTimes
The new week didn’t bring relief to American Airlines, which canceled yet more flights yesterday as it struggled “to meet growing travel demand with a staff reduced in size because of the Covid-19 pandemic” - WSJ and Marketplace and Bloomberg
It would seem that there are subway stops, and then there are Soviet-era metro stops. Let Frank Herfort’s 6-year effort to document some 770 of them help you understand the difference - NYTimes
Stay safe, get vaxxed, and go vote,
MDR
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