August 2024 - BillionDollarClub

FridayAug 30, 2024 9:00 am

How Struggling B Riley Financial Got into Current Situation

Riley Financial Inc. (NASDAQ: RILY) is currently in a big financial hole that it dug itself after cofounder B. Riley got involved with a friend's business ventures. The company, which was founded more than 25 years ago, had its stock collapse after a federal investigation on Brian Khan, a close confidant and business partner of Riley. So, where did all this begin? Well, in November 2023, Khan was under federal investigation after the implications of a failed hedge fund that resulted in losses of millions of dollars. Khan denied these allegations, which saw his friend, Riley, supporting and defending him…

WednesdayAug 28, 2024 9:00 am

QuantumScape’s CLO Sells More than 50,000 of Shares

On Aug. 21, 2024, QuantumScape Corp. (NYSE: QS)’s Chief Legal Officer (CLO) Michael O. McCarthy III sold more than 50,000 of its shares, a move that has intrigued investors and raised questions. McCarthy sold his shares at $5.99 per share, resulting in a sale that was valued at about $303,044.25. For financial analysts, this move is not uncommon, particularly for companies. However, for McCarthy, it is part of a broader trend. Last year, he sold 889,660 shares, a pattern that is seen as part of a wider trend within QuantumScape where there have been lots of insider sales. There have…

MondayAug 26, 2024 9:00 am

Nikola Clinches Major Contract to Grow Influence in Public Sector

Nikola Corporation (NASDAQ: NKLA), whose mission is to provide solutions for a zero-emissions world, has made a strategic move by inking a pivotal contract to grow its influence in the public sector. The contract, which was made with Sourcewell, one of the world's leading cooperative purchasing organizations, emphasizes the company's goals and commitment to expanding its influence in the electric vehicle (EV) market. Securing this major contract was harder than it seemed. Nikola had to undergo a complex request for proposal (RFP) process to prove its dedication to compliance and top-tier service, a crucial factor in government contracts. By securing…

FridayAug 23, 2024 9:00 am

Riot Platforms Now Owns 18.9% Stake in Bitfarms

Riot Platforms Inc. (NASDAQ: RIOT), in a recent press release, announced that on Aug. 13, 2024, it purchased 1,000,000 shares of Bitfarms. This means it is now the owner of 18.9% (85,293,054 common shares) of Bitfarms' common shares, up from 18.68% (84,293,054 common shares). The acquisition was made through the NASDAQ Stock Market, with Riot acquiring the shares at an average price of $2.28 per share, amounting to a total investment of $2,280,800. Following this purchase, Riot Platforms currently owns more than 85.29 million shares of the mining company, becoming its largest shareholder. The news comes only one day after…

WednesdayAug 21, 2024 9:00 am

NIO’s ONVO EV Starts Rolling Off Production Line

NIO Inc. (NYSE: NIO), the Chinese electric vehicle maker, has officially started mass production of its highly anticipated vehicle, Onvo L60. This rollout, which is the first for company, has marked a significant milestone for the company and the EV industry at large. This highly anticipated EV, which is set to take on the Tesla Model Y, will begin deliveries late next month. So, what makes Onvo L60 so unique? The vehicle positions itself as a mid-sized electric SUV with a sleek, minimalist interior. Unlike the cluttered dashboards in most vehicles, this SUV features a dashboard-less design, with a striking…

MondayAug 19, 2024 9:00 am

D-Wave Releases Q2 Earnings Report

According to its latest earnings reports, D-Wave Quantum Inc. (NYSE: QBTS), a pioneering force in quantum computing solutions, is making headlines in tech. The company reported a 28% year-over-year revenue increase, indicating its leadership in all things related to quantum computing. Before going any further, let's break down the earnings. D-Wave reported $2.2 million in revenue this quarter, up from $1.7 million in the same period last year, a remarkable 28% jump. This is a giant leap and is not just a flash in the pan; the company is at its ninth consecutive quarter of year-over-year growth in bookings, which…

FridayAug 16, 2024 9:00 am

Tesla Suspends Receiving Orders for Most Affordable Cybertruck, Announces Availability of Premium Versions

If you were hoping to snag Tesla's cybertruck priced at $61,000 with a 250-mile range, you are too late. The company has announced that it is suspending orders for this model to concentrate more on the premium version, priced at $100,000. The leading electric vehicle (EV) company has already rolled out the red carpet for the expensive cybertrucks, which are ready to be delivered as soon as this month. So why the switch? In 2019, Tesla Inc. (NASDAQ: TSLA)'s CEO, Elon Musk, introduced the concept of the cybertruck with a $39,900 starting price and a 500-mile range. It was meant…

WednesdayAug 14, 2024 9:00 am

VW Deal Likely to Offer Rivian Supply Chain Benefits

There is a growing sense of excitement at Rivian Automotive Inc. (NASDAQ: RIVN) as the company expects to reap big rewards from the $5 billion joint venture with Volkswagen (VW). In a Q2 earnings report call, company CEO, RJ Scaringe, shared some promising news about the impact of the VW deal on the company’s supply chain. Suppliers view this as a golden opportunity that will open doors for Rivian’s product line and VW’s extensive portfolio. Announced in June, this partnership is an opportunity to expand and secure more favorable pricing on essential components such as chipsets, printed circuit board assemblies…

MondayAug 12, 2024 9:00 am

Lucid Motors Secures Funding to Keep Afloat Through 2025

Lucid Motors (NASDAQ: LCID) has secured $1.5 billion to boost its operations and expansion plans to keep it afloat until the fourth quarter of 2025. The substantial funding, which came from Saudi Arabia's Public Investment Fund (PIF), is pivotal for Lucid's future. Lucid Group recently announced that this funding would ramp up the production of a new SUV, which will, in turn, significantly improve the company's growth trajectory. The news comes at a critical time when emerging EV makers are trying to compete with giants such as Tesla amid the challenges faced in the industry. According to Lucid Motors CEO…

FridayAug 09, 2024 9:00 am

D-Wave Quantum Inc. (NYSE: QBTS) Expands Commercial Partnership with Zapata Computing Holdings Inc. (NASDAQ: ZPTA), Hosts B.C. Dignitaries at Quantum Engineering Center of Excellence

The collaboration aims to enhance the development and deployment of integrated quantum and generative AI solutions within D-Wave’s Leap™ quantum cloud platform The partnership’s development efforts will target more efficient and energy-saving model training, higher-performing models, and the combined application of Generative AI and quantum optimization The commercial expansion includes a one-year enterprise subscription to Orquestra®, Zapata AI’s powerful software development and collaboration platform designed for creating and deploying Universal Generative AI applications at scale D-Wave recently hosted British Columbia (B.C.) Minister of State for Trade, Jagrup Brar, and B.C. Parliamentary Secretary for Labour, Janet Routledge, at its Burnaby-based Quantum…

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Month: August 2024