Rivian’s First Tumble | The Cashierless Starbucks | Renee Montgomery’s VC Play

Plus: Gemini Raises $400 Million To Protect The Metaverse From Meta

Good morning.

Shares of electric vehicle maker Rivian have fallen for the first time since its blockbuster IPO last week. We’re also looking at Starbucks’ new cashierless store concept and covering WNBA champion Renee Montgomery’s entry into the venture capital game. Finally, don’t miss this latest development in the epic rivalry between the Winklevoss twins and Mark Zuckerberg.

In The News Today

Wearing face masks cuts the number of new Covid-19 infections by 53% and is regarded as the single most effective tool against coronavirus, according to a new peer reviewed study published in the British Medical Journal.

Indian fintech company Paytm set a record for the country’s biggest ever IPO, but shares then tumbled more than 25% during the first day of trading.

Top Take-Aways

The Union Station Homeless Services in Pasadena, California, will today receive $5 million in Amazon stock. It’s one of the 32 nonprofits across 21 U.S. states to benefit from Amazon founder Jeff Bezos’ philanthropic Bezos Day One Fund. 

Shares of Rivian tumbled around 15% on Wednesday in its first decline since the electric vehicle maker went public last week at a whopping $90 billion valuation. Despite the drop, Rivian has a market capitalization of around $120 billion.

CEO Keith Rabois has set an ambitious goal for his team at OpenStore: close the year on a pace of acquiring one new Shopify-based business each day. The eight-month-old startup has raised $75 million in a Series B funding round at a $750 million valuation towards that goal.

Renee Montgomery is a two-time WNBA champion, co-owner of the Atlanta Dream WNBA team, and social justice activist. Now, she has added a new title to her list of accomplishments—that of venture capitalist.

Privacy startup Nym Technologies has secured a $13 million Series A funding round led by Silicon Valley monolith Andreessen Horowitz (a16z Crypto) to accelerate the advent of the private web powered by blockchain.

A new cashierless Starbucks store in New York City will allow customers to buy drinks, snacks, and other items without waiting in line, using automated checkout technology developed by Amazon.

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One of the biggest donors to the campaign of Glenn Youngkin, who successfully ran for governor of Virginia, is former Trump cabinet member Linda McMahon, the former CEO of World Wrestling Entertainment and head of the Small Business Administration, who is married to WWE billionaire Vince McMahon.

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Embracing diversity and fostering an environment of inclusion are crucial elements of business success—here’s why they can also help counter the “great resignation.”

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