Archive for Mark Matousek

How Rivian made itself the top contender to become the next Tesla

Rivian R1T
Rivian is preparing to release its first vehicle, the R1T electric pickup truck.
  • Rivian is preparing to roll out its first two vehicles, the R1T pickup truck and R1S SUV.
  • Experts consider it the most promising contender among today's EV startups.
  • It has raised $11 billion and landed an electric-van order from Amazon.
  • See more stories on Insider's business page.

A new generation of electric-vehicle startups is preparing to give US consumers their first new automotive brands to choose from since Tesla debuted in 2008. The first one to debut could be Rivian, which plans to start delivering its R1T pickup truck and R1S SUV in the coming months.

The startup has arguably generated more excitement than its rivals by raising more money than any of them, landing an investment and delivery-van order from Amazon, and focusing on the lucrative SUV and pickup-truck markets. Whether Rivian can live up to the hype remains to be seen, but the company has put itself in a strong position to take on the many challenges that come with starting an automaker.

Read on to learn more about the company's CEO, why investors and experts think Rivian's the top contender among today's generation of EV startups, and what you can do to position yourself to land a job there.

CEO RJ Scaringe has been compared to Jeff Bezos
RJ Scaringe

Rivian CEO RJ Scaringe founded the startup in 2009 when he was 26. He first intended to build an electric sports car to take on Tesla's Roadster, but changed his mind a few years later. After spending most of the 2010s revamping the company, Scaringe reintroduced Rivian in 2018. Now, Scaringe is a billionaire who's been compared to Jeff Bezos and legendary General Motors CEO Alfred Sloan. The coming years will determine whether he can become a serious challenger to Tesla CEO Elon Musk.

Investors have poured $11 billion into the company
rivian r1s
Rivian R1S.

Rivian has so far raised $11 billion, according to Pitchbook, a sum no other EV startup has matched. Last year, Insider surveyed some of Rivian's investors to learn why they decided to back the company. They explained what made Rivian stand out from its competitors.

Experts think Rivian is the real deal
RJ Scaringe

Tesla's success and government regulations aimed at reducing carbon emissions have put EVs, which accounted for just 2% of US auto sales in 2020, on the path to mainstream adoption. Entrepreneurs have taken notice, and a new group of EV startups is attempting to break into the intensely competitive US auto industry in the coming years. A consensus has developed among EV experts that Rivian is in the best position to succeed.

Rivian hiring execs share their advice to applicants hoping for a job offer
Rivian R1T

The hype around Rivian has made the company an appealing destination for those who want to work in the EV industry. Insider interviewed Rivian's top hiring executives in 2020 about what they look for in job candidates. They shared their advice for applicants and the red flags that will hurt your chances of landing an offer.

Early roadblocks
Rivian R1S

Launching a new vehicle is hard, particularly if it's your first attempt. Rivian, like some of its competitors, is beginning to experience some of those challenges firsthand. This summer, the company delayed the launch of the R1T from July to September, citing "the cascading impacts of the pandemic." From navigating supply-chain disruptions to convincing state governments to revise laws that prevent automakers from selling directly to consumers, Rivian has its work cut out for it in the coming months and years.

Read the original article on Business Insider

Steve Ballmer said on Clubhouse that he wishes Microsoft had taken on Amazon’s cloud business sooner

Steve Ballmer Microsoft
Former Microsoft CEO Steve Ballmer.
  • Former Microsoft CEO Steve Ballmer said he wishes the company invested in cloud-computing earlier.
  • Ballmer made the remarks on Clubhouse, CNBC reported.
  • Microsoft launched its first cloud products in 2008, two years after Amazon.
  • Visit the Business section of Insider for more stories.

Former Microsoft CEO Steve Ballmer said he wishes he had invested in cloud computing earlier in his tenure at the tech giant, CNBC reported. Ballmer made the remark Thursday on Clubhouse, an audio-chat app, during a discussion that also included Sriram Krishnan, a general partner at Andreessen Horowitz, and Steven Sinofsky, a former manager at Microsoft.

"I wish we probably started a year or so, two years earlier," Ballmer said, according to CNBC's report. 

Microsoft released its first cloud products in 2008 before debuting Azure, its cloud-computing service, in 2010. By then, Amazon had been selling cloud services for four years.

Amazon Web Services, Amazon's cloud-computing division, is the leader in the cloud-infrastructure market, earning a 32% share during the fourth quarter of 2020. Microsoft Azure was second, with a 20% share. No other company reached 10%.

Read more: Amazon and Microsoft have the $7 billion-plus federal cloud market so 'locked up,' analysts say the real challenge will be standing out from each other

Cloud services have become a larger percentage of Microsoft's business in recent years. During the company's 2020 fiscal year, which ran from July 2019 through June 2020, its "intelligent cloud" segment accounted for 34% of the company's revenue, up from 31% in fiscal 2019 and 29% in fiscal 2018.

Satya Nadella, Microsoft's current CEO, ran the division at Microsoft that included its cloud business before replacing Ballmer in 2014. Nadella has also said he wished Microsoft had launched its cloud products sooner.

"We knew by looking at what Amazon was doing that we needed to reinvent ourselves," Nadella said in 2017.

During the Clubhouse discussion, Ballmer said Microsoft was also too slow in its attempt to launch a phone. The company bought Nokia's devices business in 2014, seven years after Apple released its first iPhone. By 2017, Microsoft said its phone-related revenue was "immaterial."

Read the original article on Business Insider

Goldman Sachs is creating an auto-tech joint venture amid a SPAC boom for EV and lidar companies: Report

Endurance electric pickup truck by Lordstown Motors
Lordstown Motors is one of the many EV companies that have gone public through SPACs over the past year.
  • Goldman Sachs is creating a JV focused on automotive tech, Bloomberg reported.
  • Auto-tech companies have been part of a number of acquisitions and public listings in recent years.
  • They include Amazon's acquisition of Zoox and Nikola's SPAC merger.
  • Visit the Business section of Insider for more stories.

Goldman Sachs is forming an investment-banking joint venture that will specialize in automotive technology, Bloomberg reported on Friday.

The move will combine Goldman's team that focuses on industrial and technology companies with its media and communications team, Dave Friedland, who leads Goldman's Americas cross-markets group, told Bloomberg.

"It will lead to greater collaboration, greater dedication of resources, more efficient execution on opportunities, and more internal institutional support," Friedland said.

Auto technology has provided plenty of dealmaking and underwriting opportunities for Wall Street banks in recent years, as there have been a number of high-profile acquisitions and public listings involving electric-vehicle, autonomous-vehicle, and ride-hailing companies. Some of the biggest moves last year included Amazon's purchase of the robotaxi startup Zoox, Uber's acquisition of Postmates, and the electric-truck startup Nikola's merger with the special-purpose acquisition company (SPAC) VectoIQ.

Goldman has in recent years worked with Tesla, Uber, and the EV startup Lordstown Motors.

Read more: A top VC explains how Rivian can target a $50 billion IPO valuation, 35 times bigger than Tesla's 2010 debut

SPACs have played a major role in both the investment-banking and automotive industries over the past year. In the wake of massive stock-price increases for EV-makers like Tesla and Nio, startups making EVs or lidar sensors, which are used by autonomous vehicles to detect nearby objects, have been going public through SPAC mergers at a rapid pace. More than 20 companies involved in one of the two industries have merged with a SPAC, or announced their intention to do so, since the beginning of 2020.

SPACs make it faster and easier for companies to go public than traditional IPOs, while also allowing young companies that have made little or no revenue to share their financial projections with the public. But some analysts have said the volume of EV SPAC deals has created a speculative bubble similar to the one that overinflated the values of internet-company stocks in the late 1990s.

Read the original article on Business Insider

Mark Zuckerberg and Jack Dorsey are reportedly in talks to testify before Congress for the fourth time in the past year

mark zuckerberg facebook
Facebook CEO Mark Zuckerberg in Washington DC on Oct. 23, 2019.
  • Mark Zuckerberg and Jack Dorsey are in discussions to testify before Congress, Politico reported.
  • What they'd be testifying about "is not yet clear," according to Politico.
  • Congress has been been studying how social media firms have addressed violent posts and misinformation.
  • Visit the Business section of Insider for more stories.

Facebook CEO Mark Zuckerberg and Twitter CEO Jack Dorsey may testify at a congressional hearing that could be held as soon as March, Politico's Christiano Lima reported on Friday, citing people familiar with the matter. The two executives have reportedly been in discussions with members of the House of Representatives.

Zuckerberg and Dorsey may testify before the House Energy and Commerce Committee, according to Politico's report. Politico said the hearing's emphasis "is not yet clear," but did not specify whether Congress had not decided on a topic or if the publication's sources were not able to describe it. Other prominent tech executives, including Vijaya Gadde, Twitter's top lawyer, and YouTube CEO Susan Wojcicki, may also testify at the hearing, with Gadde potentially taking Dorsey's place, Politico reported.

The committee reportedly has not yet decided on a date for the hearing.

Read more: Mark Zuckerberg reportedly told Facebook staff 'we need to inflict pain' on Apple, in response to criticism over data collection practices

The House Energy and Commerce Committee has been studying the way social media companies have addressed violent posts and COVID-19 misinformation following the January riot at the US Capitol.

Zuckerberg and Dorsey have testified before Congress three times in the past year, a period where lawmakers have placed increasing scrutiny on tech companies' business practices. The two executives have appeared at hearings about a law that protects tech firms from liability for content posted on their platforms, concerns from Republican lawmakers that social media platforms censor posts expressing conservative opinions, and questions about whether large tech companies are violating antitrust laws.

Facebook, Twitter, Google, and the House Energy and Commerce Committee did not immediately respond to a request for comment from Insider.

Read more: Facebook's Oversight Board members reportedly earn 6-figure salaries and only work 'about 15 hours a week'

Read the original article on Business Insider

David Tennant said he felt strange marrying the daughter of another actor who played Doctor Who

Doctor Who
David Tennant played Doctor Who from 2005 to 2010.
  • Actor David Tennant told the BBC's Gaby Roslin that it felt strange marrying the daughter of another actor who played Doctor Who.
  • Tennant met his wife, Georgia Moffett, in 2008. The two got married three years later.
  • Moffett said she aggressively courted Tennant.
  • Visit Business Insider's homepage for more stories.

Actor David Tennant said it felt strange to marry the daughter of an actor who played Doctor Who before his five-year run in the role.

"Because 'Doctor Who' had run through my life like a stick of rock, to end up marrying the daughter of one of the doctors, it all felt a bit stupid," Tennant told the BBC's Gaby Roslin, according to The Independent. (A recording of the interview did not appear to be available as of Saturday. Roslin said a podcast episode including the conversation will be released on Monday.)

Tennant met his wife, the actress Georgia Moffett, after she appeared on the show in 2008. The two got married in 2011 and have five children. Moffett's father, Peter Davison, starred on "Doctor Who" from 1981 to 1984.

Moffett told Roslin she put a lot of effort into courting Tennant, saying they wouldn't have dated had she not been persistent, according to The Independent.

"I was very much the driving force," Moffett reportedly told Roslin. "Had I not worked quite so hard, it might not have happened."

Tennant said he felt fortunate to have met Moffett, according to The Scotsman.

"I certainly feel like I lucked out," he reportedly said.

Tennant has appeared in a number of films and television shows since leaving "Doctor Who." The actor's most recent show, "Des," premiered in September. Moffett has appeared on two "Doctor Who" spin-off series and starred with Tennant in "Staged" this year.

Read the original article on Business Insider

Utah landlord evicted an 18-year-old woman for disturbing the peace in her apartment after she shared suicidal thoughts with her roommates, reports say

utah valley university entrance v3
The woman was a student at Utah Valley University, which did not own or operate the building she was evicted from.
  • A Utah landlord evicted an 18-year-old woman after she described suicidal thoughts to her roommates, The Salt Lake Tribune reported.
  • The woman received a letter alleging she had violated the terms of her lease by interfering with her roommates' "quiet enjoyment" of their apartment and committing "recklessly [sic] endangerment of human life, assault, harassment, nuisance, disturbance of the peace."
  • The woman told The Salt Lake Tribune she has contacted the building's management but has not received a response.
  • Visit Business Insider's homepage for more stories.

A Utah landlord evicted an 18-year-old woman from her student-housing apartment after she shared suicidal thoughts with her roommates, The Salt Lake Tribune reported. The newspaper didn't disclose the woman's name because she requested anonymity due to the story's sensitive subject matter.

The landlord reportedly placed the eviction letter on the woman's door on October 13. The woman, who is now living with a friend, described the landlord's actions as "hurtful" to The Salt Lake Tribune.

"The landlord is telling me not to live here because I was having suicidal thoughts," she told the newspaper. "That's not something I can help. And it's just hurtful."

The woman told The Salt Lake Tribune she's had depression since her mother's death in September 2018. Academic and coronavirus-related stress exacerbated her symptoms, she told the newspaper, leading her to discuss her emotional state, including her suicidal thoughts, with her roommates three weeks before she received the eviction notice. The roommates dismissed her concerns, a family friend of the woman's told The Salt Lake Tribune, and the woman became more isolated.

The landlord's letter, a photo of which The Sale Lake Tribune includes in its story, suggests the woman's roommates told the building's management about the mental-health struggles she had described. The letter alleges the woman had violated the terms of her lease, citing rules against interfering with her roommates' "quiet enjoyment" of their apartment or committing "any recklessly [sic] endangerment of human life, assault, harassment, nuisance, disturbance of the peace."

"We have been made aware that you have vocalized suicidal tendencies which has caused undo [sic] stress and alarm to your roommates," the letter said. 

The woman told The Salt Lake Tribune she has contacted the building's management but has not received a response.

A representative at Utah Valley University, which the woman had attended before dropping her classes, told The Salt Lake Tribune that the school felt for the woman but couldn't address the situation because it doesn't own or operate the building she lived in. 

Ventana Student Housing, which owns the building the woman was evicted from, did not immediately respond to Business Insider's request for comment.

Read the original article on Business Insider

Utah landlord evicted an 18-year-old woman for disturbing the peace in her apartment after she shared suicidal thoughts with her roommates, reports say

utah valley university entrance v3
The woman was a student at Utah Valley University, which did not own or operate the building she was evicted from.
  • A Utah landlord evicted an 18-year-old woman after she described suicidal thoughts to her roommates, The Salt Lake Tribune reported.
  • The woman received a letter alleging she had violated the terms of her lease by interfering with her roommates' "quiet enjoyment" of their apartment and committing "recklessly [sic] endangerment of human life, assault, harassment, nuisance, disturbance of the peace."
  • The woman told The Salt Lake Tribune she has contacted the building's management but has not received a response.
  • Visit Business Insider's homepage for more stories.

A Utah landlord evicted an 18-year-old woman from her student-housing apartment after she shared suicidal thoughts with her roommates, The Salt Lake Tribune reported. The newspaper didn't disclose the woman's name because she requested anonymity due to the story's sensitive subject matter.

The landlord reportedly placed the eviction letter on the woman's door on October 13. The woman, who is now living with a friend, described the landlord's actions as "hurtful" to The Salt Lake Tribune.

"The landlord is telling me not to live here because I was having suicidal thoughts," she told the newspaper. "That's not something I can help. And it's just hurtful."

The woman told The Salt Lake Tribune she's had depression since her mother's death in September 2018. Academic and coronavirus-related stress exacerbated her symptoms, she told the newspaper, leading her to discuss her emotional state, including her suicidal thoughts, with her roommates three weeks before she received the eviction notice. The roommates dismissed her concerns, a family friend of the woman's told The Salt Lake Tribune, and the woman became more isolated.

The landlord's letter, a photo of which The Sale Lake Tribune includes in its story, suggests the woman's roommates told the building's management about the mental-health struggles she had described. The letter alleges the woman had violated the terms of her lease, citing rules against interfering with her roommates' "quiet enjoyment" of their apartment or committing "any recklessly [sic] endangerment of human life, assault, harassment, nuisance, disturbance of the peace."

"We have been made aware that you have vocalized suicidal tendencies which has caused undo [sic] stress and alarm to your roommates," the letter said. 

The woman told The Salt Lake Tribune she has contacted the building's management but has not received a response.

A representative at Utah Valley University, which the woman had attended before dropping her classes, told The Salt Lake Tribune that the school felt for the woman but couldn't address the situation because it doesn't own or operate the building she lived in. 

Ventana Student Housing, which owns the building the woman was evicted from, did not immediately respond to Business Insider's request for comment.

Read the original article on Business Insider

A teenager in Houston was shot and killed while carrying a toy that looked like an AR-15: reports

guns
AR-15 rifles and other weapons are displayed on a table at a shooting range.
  • A teenager was shot and killed when he and a friend approached a man while holding a fake AR-15 rifle, KHOU-11 reported.
  • The man who shot the teen and the teen's companion were taken into custody and questioned, according to the local news station's report.
  • The Harris County Sheriff's Office has not disclosed the names of those involved in the incident.
  • Visit Business Insider's homepage for more stories.

A teenage boy in Texas was shot and killed after he and a companion approached a man with a toy gun, KHOU-11 reported. The incident reportedly took place on October 16 around 2 a.m, a Harris County Sheriff's Office representative told Business Insider.

The man who shot the teen told local law enforcement the boy and his friend had attempted to rob him while holding what looked like an AR-15 rifle, John Shannon, a captain with the Harris County Sheriff's Office, said on Twitter. After shooting one of the teens, the man called 911. 

"A victim reported he came to meet a woman & upon arrival 2 males w/a rifle tried to rob him. He had a gun and fired striking one of the robbers he then called 911," Shannon said. "The male died on scene."

Officers who arrived on the scene said the object that appeared to be an AR-15 was a toy, according to KHOU-11's report. The Harris County Sheriff's Office representative told Business Insider a plastic rifle was found near the site of the shooting.

The man who shot the teen and the teen's companion were taken into custody and questioned, KHOU-11 reported. The Harris County Sheriff's Office did not disclose the names of those involved in the incident.

Read more:

Read the original article on Business Insider

A top Trump administration lawyer reportedly said a plan to send $200 prescription-drug coupons to seniors may be illegal

Donald Trump .JPG
President Donald Trump.
  • The Health and Human Services Department's top lawyer has described concerns that the Trump administration's plan to send prescription-drug coupons to seniors could violate election laws, Politico reported.
  • Though many would receive the coupons after the November 3 presidential election, the Trump administration reportedly wanted to send letters describing the effort to 39 million seniors this week.
  • Trump-administration officials had previously said the plan may violate rules on federal spending and Medicare-related tests, Politico reported.
  • Visit Business Insider's homepage for more stories.

Robert Charrow, general counsel for the Department of Health and Human Services, said in an internal memo that President Donald Trump's plan to send senior citizens coupons for prescription drugs may run afoul of election laws, Politico reported, citing three people with knowledge of the matter.

Trump announced the initiative in September, and his administration reportedly wanted to send letters describing the effort to millions of 39 million seniors this week. Many of those eligible for the $200 coupons would receive them after the November 3 presidential election, Politico reported.

Charrow reportedly described concerns with the initiative's proximity to the election and told members of the Trump administration to consult the Department of Justice's public integrity section about the plan. Even before Charrow's memo, officials had said the plan may violate rules on federal spending and Medicare-related tests, Politico reported.

The White House and HHS did not immediately respond to Business Insider's request for comment.

Many health officials in the Trump administration were reportedly surprised when Trump announced the plan, which Politico said has lost momentum over the past two weeks. Administration members have become hesitant to appear closely involved with the initiative, Politico reported, with one telling the website the plan "is quickly becoming radioactive."

Senior Trump-administration officials had said the coupons could provide insight into whether giving Medicare recipients discounts on prescription drugs would lead them to more often take the drugs, Politico reported. Charrow has reportedly suggested sending the coupons to a randomized group of seniors to make the initiative a more valid test, but Trump reportedly wants to send them to more than half of Medicare recipients.

Seniors have favored Trump's Democratic challenger for the presidency, Joe Biden, in opinion polls, a preference reflected across many other surveys.

Read the original article on Business Insider

A top Trump administration lawyer reportedly said a plan to send $200 prescription-drug coupons to seniors may be illegal

Donald Trump .JPG
President Donald Trump.
  • The Health and Human Services Department's top lawyer has described concerns that the Trump administration's plan to send prescription-drug coupons to seniors could violate election laws, Politico reported.
  • Though many would receive the coupons after the November 3 presidential election, the Trump administration reportedly wanted to send letters describing the effort to 39 million seniors this week.
  • Trump-administration officials had previously said the plan may violate rules on federal spending and Medicare-related tests, Politico reported.
  • Visit Business Insider's homepage for more stories.

Robert Charrow, general counsel for the Department of Health and Human Services, said in an internal memo that President Donald Trump's plan to send senior citizens coupons for prescription drugs may run afoul of election laws, Politico reported, citing three people with knowledge of the matter.

Trump announced the initiative in September, and his administration reportedly wanted to send letters describing the effort to millions of 39 million seniors this week. Many of those eligible for the $200 coupons would receive them after the November 3 presidential election, Politico reported.

Charrow reportedly described concerns with the initiative's proximity to the election and told members of the Trump administration to consult the Department of Justice's public integrity section about the plan. Even before Charrow's memo, officials had said the plan may violate rules on federal spending and Medicare-related tests, Politico reported.

The White House and HHS did not immediately respond to Business Insider's request for comment.

Many health officials in the Trump administration were reportedly surprised when Trump announced the plan, which Politico said has lost momentum over the past two weeks. Administration members have become hesitant to appear closely involved with the initiative, Politico reported, with one telling the website the plan "is quickly becoming radioactive."

Senior Trump-administration officials had said the coupons could provide insight into whether giving Medicare recipients discounts on prescription drugs would lead them to more often take the drugs, Politico reported. Charrow has reportedly suggested sending the coupons to a randomized group of seniors to make the initiative a more valid test, but Trump reportedly wants to send them to more than half of Medicare recipients.

Seniors have favored Trump's Democratic challenger for the presidency, Joe Biden, in opinion polls, a preference reflected across many other surveys.

Read the original article on Business Insider