Digital Dealer Tampa, Ford Sells Rivian, F1 in Miami, & Crypt Crash

May 10, 2022
We are brimming with pride after seeing so many incredible people from across automotive yesterday. This industry really is incredible, and being in person with so many of the brightest minds confirms it over and over. We are live at Digital Dealer Tampa and talking through the Ford share sell off, F1 Miami for the weekend, and the reality of Crypto matching stocks staring at everyone.
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Ford sells 8 million shares in Rivian sending stock plummeting

  • A stock lockup period for company insiders and early investors such as Ford expired Sunday.
  • Rivian’s stock ended the day at $22.78 a share, down nearly 21%
  • Down 78% for the year
  • “Rivian said in March it expected to produce 25,000 electric trucks and SUVs this year, as the start-up battles through supply chain constraints and internal production snags. That would be just half of the vehicle production it forecast to investors last year as part of its IPO roadshow.”

F1 Miami Exceeds and Fails Expectations all at the same time.

  • Who’s who in the US
  • Rise to fame of world sports (F1, Soccer)
  • The asphalt “almost feels like gravel,” said Max Verstappen, the reigning world champion who won for the third time through the first five races of the season. He also said the chicane was suited for a kart race and not an F1 car.

Crypto crash is real

  • plunged almost 12% Monday to below $30,000, down more than 50% from its all-time high in November, according to CoinDesk data.
  • 31,554 as of this morning