Rivian’s Electrifying IPO | The Trillion Dollar Tech Factory | India’s Richest Self-Made Woman

Plus: How America’s Richest People Can Access Billions Without Selling Their Stock

Good morning.

The U.S. stock market just witnessed its biggest IPO in almost a decade, as investors hope Amazon-backed electric truck maker Rivian could be the next Tesla. We’re also looking into the rise of tech billionaires’ fortunes and at India’s richest self-made woman. Finally, don't miss this story on how America's richest can access billions without selling their stock.

In The News Today

China and the U.S. have agreed to closer bilateral cooperation on tackling climate change in a surprise announcement at COP26. In Beijing, President Xi Jinping laid the groundwork for an unprecedented third term in power.  

U.S. airlines have raised airfares to pre-pandemic levels for the first time in hope of a busy holiday and following a surge in travel over the summer.

Top Take-Aways

Tesla CEO Elon Musk, the world's richest person, sold $5 billion worth of Tesla stock this week, in part to help pay taxes on options he received nearly a decade ago.

Electric vehicle maker Rivian went public at a valuation of more than $90 billion. Shares surged 29% as they commenced trading in America’s biggest initial public offering since Facebook in 2012.

California-based startup Infinitus Systems, raised a $30 million Series B funding round to keep automating one of the most tedious and time consuming administrative jobs for many doctors' offices, hospitals and pharmacies: verifying patient health insurance benefits.

No group has gotten richer—or more powerful—over the past decade than tech tycoons, with an unprecedented number of them filling the ranking of Forbes 400 list of richest Americans. No wonder both the left and right are now gunning for them.

The Gambia has lost its status as the only country on track to reach the 1.5 degrees climate target. The small West African nation is among the developing countries urging financial support from wealthy nations, a key issue for negotiators at COP26.

Veteran investment banker-turned-entrepreneur Falguni Nayar became the richest self-made woman in India after the stellar debut of cosmetics and fashion retailer Nykaa’s parent FSN E-Commerce Ventures.

Today's Must Read

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