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RJ Scaringe, founder and chief executive officer of Rivian Automotive Inc., unveils the R1T electric pickup truck, left, and R1S electric sports utility vehicle (SUV) during a reveal event at AutoMobility LA ahead of the Los Angeles Auto Show in Los Angeles, California.
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Rivian Automotive will make its market debut Wednesday, in what’s expected to be one of the biggest IPOs of the year.

The electric vehicle maker’s stock is indicated to open at $125 a share, implying a valuation of as much as $106.6 billion and a 60% pop from its IPO price of $78 a share.

On Tuesday, Rivian priced its shares at $78, above the expected range, to raise about $11.9 billion. That share price gives Rivian a valuation of $66.5 billion, making it slightly less valuable than traditional automotive giants like GM and Ford.

The stock will trade on the Nasdaq under the symbol RIVN.

Rivian, which is backed by Amazon and Ford, has attracted intense interest from investors looking to capitalize on the fast-growing EV market.

Amazon has a 20% stake in Rivian. It invested more than $1.3 billion in the young automaker prior to its IPO. Ford and Cox Automotive each hold more than 5% stakes in Rivian.

While Ford executives have billed their Rivian relationship as a strategic investment, the company’s Lincoln division had previously planned to build electric vehicles with the upstart. Those plans were abandoned during the pandemic.

Amazon, which is converting its fleet to vehicles that run on renewable energy, revealed in 2019 that it was purchasing thousands of vehicles from Rivian. More recent filings show Amazon has some exclusive rights to Rivian’s battery-electric delivery vehicles for a minimum of four years, with the right of first refusal after that.

Amazon has ordered 100,000 Rivian vehicles to be delivered by 2030. The companies plan to have 10,000 new Rivian-Amazon delivery vehicles on the road as early as next year.

Besides its fleet business, Rivian beat TeslaGM and Ford to the market with a fully electric pickup, the R1T. It plans to launch a seven-passenger battery-electric SUV, the R1S, in December, according to an October prospectus.

Rivian CEO RJ Scaringe, who has a Ph.D. from the Sloan Automotive Laboratory at the Massachusetts Institute of Technology, founded Rivian in 2009. The company’s headquarters is in Irvine, California, and it has a vehicle assembly plant in Normal, Illinois.

The company says its factory in Illinois has the capacity to produce up to 150,000 vehicles per year. About 65,000 of those should be R1T pickup trucks and SUVs, and about 85,000 should be the company’s RCV commercial delivery vans, Rivian said in financial filings.

But Rivian is still a relative upstart, and it hasn’t started generating real revenue. Rivian said in its prospectus that it will lose up to $1.28 billion in the third quarter, while revenue will range from zero to $1 million.

It also hasn’t produced its electric vehicles in very high volumes yet. It’s not clear how quickly it can ramp up production, especially amid the global chip shortage and port constraints that have plagued automakers this year.

Rivian said in an amendment to its S-1 filing that it has a backlog of pre-orders for 55,400 R1T and R1S vehicles from customers in North America and plans to deliver these by the end of 2023. 

New legislation awaiting President Joe Biden’s signature will provide $7.5 billion in federal grants to build a national network of electric vehicle charging stations, and Rivian could stand to benefit. Scaringe has emphasized that Rivian vehicles are ideal for people with a sense of adventure and a love of the outdoors. As such, the company is placing charging stations in out of the way destinations, like state or national parks.

Rivian counted 6,274 employees as of the end of June.

One of its former executives recently sued Rivian accusing the company of having a “toxic bro culture,” wrongfully terminating her employment there, and in so doing, costing her “millions of dollars in unvested equity on the eve of the company’s IPO.”

In the lawsuit, Laura Schwab — who previously led Aston Martin’s U.S. operations — also claims the company dismissed concerns she had raised regarding Rivian’s business, including its “ability to deliver on its promises to investors.”

WATCH: EV maker Rivian prices IPO above expected range ahead of IPO

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OpenAI CEO Sam Altman denies sexual abuse allegations made by his sister in lawsuit

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OpenAI CEO Sam Altman denies sexual abuse allegations made by his sister in lawsuit

OpenAI CEO Sam Altman visits “Making Money With Charles Payne” at Fox Business Network Studios in New York on Dec. 4, 2024.

Mike Coppola | Getty Images

OpenAI CEO Sam Altman’s sister, Ann Altman, filed a lawsuit on Monday, alleging that her brother sexually abused her regularly between the years of 1997 and 2006.

The lawsuit, which was filed in U.S. District Court in the Eastern District of Missouri, alleges that the abuse took place at the family’s home in Clayton, Missouri, and began when Ann, who goes by Annie, was three and Sam was 12. The filing claims that the abusive activities took place “several times per week,” beginning with oral sex and later involving penetration.

The lawsuit claims that “as a direct and proximate result of the foregoing acts of sexual assault,” the plaintiff has experienced “severe emotional distress, mental anguish, and depression, which is expected to continue into the future.”

The younger Altman has publicly made similar sexual assault allegations against her brother in the past on platforms like X, but this is the first time she’s taken him to court. She’s being represented by Ryan Mahoney, whose Illinois-based firm specializes in matters including sexual assault and harassment.

The lawsuit requests a jury trial and damages in excess of $75,000.

In a joint statement on X with his mother, Connie, and his brothers Jack and Max, Sam Altman denied the allegations.

“Annie has made deeply hurtful and entirely untrue claims about our family, and especially Sam,” the statement said. “We’ve chosen not to respond publicly, out of respect for her privacy and our own. However, she has now taken legal action against Sam, and we feel we have no choice but to address this.”

Their response says “all of these claims are utterly untrue,” adding that “this situation causes immense pain to our entire family.” They said that Ann Altman faces “mental health challenges” and “refuses conventional treatment and lashes out at family members who are genuinely trying to help.”

Sam Altman has gained international prominence since OpenAI’s debut of the artificial intelligence chatbot ChatGPT in November 2022. Backed by Microsoft, the company was most recently valued at $157 billion, with funding coming from Thrive Capital, chipmaker Nvidia, SoftBank and others.

Altman was briefly ousted from the CEO role by OpenAI’s board in November 2023, but was quickly reinstated due to pressure from investors and employees.

This isn’t the only lawsuit the tech exec faces.

In March, Tesla and SpaceX CEO Elon Musk sued OpenAI and co-founders Altman and Greg Brockman, alleging breach of contract and fiduciary duty. Musk, who now runs a competing AI startup, xAI, was a co-founder of OpenAI when it began as a nonprofit in 2015. Musk left the board in 2018 and has publicly criticized OpenAI for allegedly abandoning its original mission.

Musk is suing to keep OpenAI from turning into a for-profit company. In June, Musk withdrew the original complaint filed in a San Francisco state court and later refiled in federal court. 

Last month, OpenAI clapped back against Musk, claiming in a blog post that in 2017 Musk “not only wanted, but actually created, a for-profit” to serve as the company’s proposed new structure.

WATCH: OpenAI unveils for-profit plans

OpenAI unveils for-profit plans

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Meta employees criticize Zuckerberg decisions to end fact-checking, add Dana White to board

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Meta employees criticize Zuckerberg decisions to end fact-checking, add Dana White to board

This photo illustration created on January 7, 2025, in Washington, DC, shows an image of Mark Zuckerberg, CEO of Meta, and an image of the Meta logo. 

Drew Angerer | Afp | Getty Images

Meta employees took to their internal forum on Tuesday, criticizing the company’s decision to end third-party fact-checking on its services two weeks before President-elect Donald Trump’s inauguration.

Company employees voiced their concern after Joel Kaplan, Meta’s new chief global affairs officer and former White House deputy chief of staff under former President George W. Bush, announced the content policy changes on Workplace, the in-house communications tool. 

“We’re optimistic that these changes help us return to that fundamental commitment to free expression,” Kaplan wrote in the post, which was reviewed by CNBC. 

The content policy announcement follows a string of decisions that appear targeted to appease the incoming administration. On Monday, Meta added new members to its board, including UFC CEO Dana White, a longtime friend of Trump, and the company confirmed last month that it was contributing $1 million to Trump’s inauguration.

Among the latest changes, Kaplan announced that Meta will scrap its fact-checking program and shift to a user-generated system like X’s Community Notes. Kaplan, who took over his new role last week, also said that Meta will lift restrictions on certain topics and focus its enforcement on illegal and high-severity violations while giving users “a more personalized approach to political content.”

One worker wrote they were “extremely concerned” about the decision, saying it appears Meta is “sending a bigger, stronger message to people that facts no longer matter, and conflating that with a victory for free speech.”

Another employee commented that by “simply absolving ourselves from the duty to at least try to create a safe and respective platform is a really sad direction to take.” Other comments expressed concern about the impact the policy change could have on the discourse around topics like immigration, gender identity and gender, which, according to one employee, could result in an “influx of racist and transphobic content.”

A separate employee said they were scared that “we’re entering into really dangerous territory by paving the way for the further spread of misinformation.”

The changes weren’t universally criticized, as some Meta workers congratulated the company’s decision to end third-party fact checking. One wrote that X’s Community Notes feature has “proven to be a much better representation of the ground truth.” 

Another employee commented that the company should “provide an accounting of the worst outcomes of the early years” that necessitated the creation of a third-party fact-checking program and whether the new policies would prevent the same type of fall out from happening again.

As part of the company’s massive layoffs in 2023, Meta also scrapped an internal fact-checking project, CNBC reported. That project would have let third-party fact checkers like the Associated Press and Reuters, in addition to credible experts, comment on flagged articles in order to verify the content.

Although Meta announced the end of its fact-checking program on Tuesday, the company had already been pulling it back. In September, a spokesperson for the AP told CNBC that the news agency’s “fact-checking agreement with Meta ended back in January” 2024. 

Dana White, CEO of the Ultimate Fighting Championship gestures as he speaks during a rally for Republican presidential nominee and former U.S. President Donald Trump at Madison Square Garden, in New York, U.S., Oct. 27, 2024.

Andrew Kelly | Reuters

After the announcement of White’s addition to the board on Monday, employees also posted criticism, questions and jokes on Workplace, according to posts reviewed by CNBC.

White, who has led UFC since 2001, became embroiled in controversy in 2023 after a video published by TMZ showed him slapping his wife at a New Year’s Eve party in Mexico. White issued a public apology, and his wife, Anne White, issued a statement to TMZ, calling it an isolated incident.

Commenters on Workplace made jokes asking whether performance reviews would now involve mixed martial arts style fights.

In addition to White, John Elkann, the CEO of Italian auto holding company Exor, was named to Meta’s board.

Some employees asked what value autos and entertainment executives could bring to Meta, and whether White’s addition reflects the company’s values. One post suggested the new board appointments would help with political alliances that could be valuable but could also change the company culture in unintended or unwanted ways.

Comments in Workplace alluding to White’s personal history were flagged and removed from the discussion, according to posts from the internal app read by CNBC.

An employee who said he was with Meta’s Internal Community Relations team, posted a reminder to Workplace about the company’s “community engagement expectations” policy, or CEE, for using the platform.

“Multiple comments have been flagged by the community for review,” the employee posted. “It’s important that we maintain a respectful work environment where people can do their best work.” 

The internal community relations team member added that “insulting, criticizing, or antagonizing our colleagues or Board members is not aligned with the CEE.”

Several workers responded to that note saying that even respectful posts, if critical, had been removed, amounting to a corporate form of censorship.

One worker said that because critical comments were being removed, the person wanted to voice support for “women and all voices.”

Meta declined to comment.

— CNBC’s Salvador Rodriguez contributed to this report.

WATCH: Meta adds Dana White, John Elkann, and Charlie Songhurst to board of directors.

Meta adds Dana White, John Elkann, and Charlie Songhurst to board of directors

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Bitcoin drops below $98,000 as Treasury yields pressure risk assets

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Bitcoin drops below ,000 as Treasury yields pressure risk assets

Nicolas Economou | Nurphoto | Getty Images

Bitcoin slumped on Tuesday as a spike in Treasury yields weighed on risk assets broadly.

The price of the flagship cryptocurrency was last lower by 4.8% at $97,183.80, according to Coin Metrics. The broader market of cryptocurrencies, as measured by the CoinDesk 20 index, dropped more than 5%.

Crypto stocks Coinbase and MicroStrategy fell more than 7% and 9%, respectively. Bitcoin miners Mara Holdings and Core Scientific were down about 5% each.

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Bitcoin drops below $98,000

The moves followed a sudden increase in the 10-year U.S. Treasury yield after data released by the Institute for Supply Management reflected faster-than-expected growth in the U.S. services sector in December, adding to concerns about stickier inflation. Rising yields tend to pressure growth oriented risk assets.

Bitcoin traded above $102,000 on Monday and is widely expected to about double this year from that level. Investors are hopeful that clearer regulation will support digital asset prices and in turn benefit stocks like Coinbase and Robinhood.

However, uncertainty about the path of Federal Reserve interest rate cuts could put bumps in the road for crypto prices. In December, the central bank signaled that although it was cutting rates a third time, it may do fewer rate cuts in 2025 than investors had anticipated. Historically, rate cuts have had a positive effect on bitcoin price while hikes have had a negative impact.

Bitcoin is up more than 3% since the start of the year. It posted a 120% gain for 2024.

Don’t miss these cryptocurrency insights from CNBC Pro:

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