jetcityimage Volkswagen ( VLKAF ) ( VWAGY ) has increased its stake in Rivian Automotive ( RIVN ) to 15.9% with a new round of share purchases that were part of a private placement. The partnership between the German automaker and Rivian ( RIVN ) involves a total commitment of $5.8B through 2027, structured in milestone-based tranches. Volkswagen ( VLKAF ) ( VWAGY ) initially invested $1B in June ...
jetcityimage Volkswagen ( VLKAF ) ( VWAGY ) has increased its stake in Rivian Automotive ( RIVN ) to 15.9% with a new round of share purchases that were part of a private placement. The partnership between the German automaker and Rivian ( RIVN ) involves a total commitment of $5.8B through 2027, structured in milestone-based tranches. Volkswagen ( VLKAF ) ( VWAGY ) initially invested $1B in June 2024, which gave it an 8.6% stake. A second $1B tranche was delivered in mid-2025 after Rivian ( RIVN ) achieved back-to-back quarterly gross profits. In April, Volkswagen ( VLKAF ) ( VWAGY ) invested another $1B for 62,889,522 Class A shares at $15.90 per share following successful testing milestones. The joint venture specifically focuses on software platforms, zonal architecture, and electrical systems but excludes Rivian's ( RIVN ) proprietary motors, batteries, chassis, and autonomy framework. Volkswagen ( VLKAF ) ( VWAGY ) plans to deploy this technology across its core Volkswagen brand, Scout trucks, and Audi vehicles. More on Rivian Rivian Automotive, Inc. (RIVN) Q1 2026 Earnings Call Transcript Rivian Automotive, Inc. 2026 Q1 - Results - Earnings Call Presentation Rivian: It's All About R2 Rivian outlines 62,000-67,000 2026 deliveries while scaling Georgia phase 1 capacity to 300,000 units Rivian revises DOE loan down to $4.5B for Georgia factory
OpenAI ( OPENAI ) President Greg Brockman testified on Monday that his stake in the AI developer is worth nearly $30B, but that he didn't personally invest any cash in the company, according to Bloomberg. Brockman and OpenAI are currently being sued by Elon Musk for allegedly misleading him to think that the company would remain a non-profit entity after he provided $38M in startup funding. Musk h...
OpenAI ( OPENAI ) President Greg Brockman testified on Monday that his stake in the AI developer is worth nearly $30B, but that he didn't personally invest any cash in the company, according to Bloomberg. Brockman and OpenAI are currently being sued by Elon Musk for allegedly misleading him to think that the company would remain a non-profit entity after he provided $38M in startup funding. Musk has argued that OpenAI's decision to convert into a for-profit organization was done to enrich people associated with the company and breached its charitable mission. Co-defendants in the case include OpenAI CEO Sam Altman and Microsoft ( MSFT ), which also holds a major stake in the company. Brockman co-founded OpenAI in 2015 with CEO Sam Altman, Elon Musk, and a group of technologists and investors. Musk left the company's board in 2018 after he reportedly failed to negotiate a merger with his EV company, Tesla ( TSLA ). He went on to establish his own AI company, xAI, which has since been acquired by SpaceX ( SPACE ). OpenAI has accused Musk of trying to undermine the company with his lawsuit because it competes in the same space as xAI ( X.AI ). Altman has said he doesn't hold an equity stake in OpenAI, Bloomberg noted . OpenAI restructured in October into a for-profit entity overseen by a non-profit foundation, which in turn held a 26% stake in the for-profit company. On Monday, the company valued the foundation's stake at around $200B, Bloomberg added. Both OpenAI ( OPENAI ) and SpaceX ( SPACE ) are reportedly gearing up to hold massive IPOs later this year. OpenAI is best known for its AI chatbot ChatGPT, while SpaceX's xAI is known for its chatbot Grok. More on OpenAI Wall Street Lunch: UAE Blindsides Oil Market With OPEC Exit Plan Wall Street Lunch: OpenAI Loosens Exclusivity In Revised Microsoft Pact Nadella's Flip-Flop White House discusses vetting AI models before public release: report Musk reportedly contacted OpenAI about settling lawsuit prior to trial
Magna International (NYSE:MGA) delivered a clean beat in the first quarter of 2026, only to see its stock punished for it. Shares fell as much as 10% intraday after the company trimmed its full-year sales guidance, undoing a chunk of the rally that had carried the stock 11.27% from April 6 through the May 1 earnings report. Going ... Magna Stock Craters 10% as Strong Q1 Fails to Lift Full-Year Out...
Magna International (NYSE:MGA) delivered a clean beat in the first quarter of 2026, only to see its stock punished for it. Shares fell as much as 10% intraday after the company trimmed its full-year sales guidance, undoing a chunk of the rally that had carried the stock 11.27% from April 6 through the May 1 earnings report. Going ... Magna Stock Craters 10% as Strong Q1 Fails to Lift Full-Year Outlook
China’s top diplomat on the US-Mexico border denounced protectionism as a dead end at the weekend, delivering a pointed defence of open trade just weeks before Mexico, the United States and Canada sit down to review the United States-Mexico-Canada Agreement (USMCA) that governs North American commerce. Consul General Fu Xinrong told a business gathering in Tijuana that unilateralism benefits no on...
China’s top diplomat on the US-Mexico border denounced protectionism as a dead end at the weekend, delivering a pointed defence of open trade just weeks before Mexico, the United States and Canada sit down to review the United States-Mexico-Canada Agreement (USMCA) that governs North American commerce. Consul General Fu Xinrong told a business gathering in Tijuana that unilateralism benefits no one and called on nations to build economic ties based on sovereignty and mutual respect rather than...