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<ul><li><keyword id="4413151" type="PERSON" weightage="60" keywordseo="Luminar-Technologies">Luminar Technologies</keyword> soared as much as 21% on Wednesday after it hired the former general counsel of <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>.</li><li>Alan Prescott will join the self-driving car company as its chief legal officer, Luminar said.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/lazr-stock">Luminar Technologies</a> soared as much as 21% on Wednesday after <a href="https://www.businesswire.com/news/home/20210421005756/en/Tesla-and-Intel-Industry-Executives-Join-Luminar">it hired Alan Prescott,</a> the former general counsel of Tesla, as its chief legal officer.Alan Prescott will join Luminar directly from Tesla, and will be responsible for directing all legal operations at the company. Prior to Tesla, Prescott let Uber's Advanced Technology legal team.Having a strong legal team will be essential at self-driving startup companies, especially given that car crashes that have occurred while self-driving technology was in use have attracted intense scrutiny.A <a href="https://www.businessinsider.com/tesla-crash-without-driver-kills-two-houston-2021-4">Tesla car crash earlier this week</a> is thought to have occurred with the company's self-driving autopilot technology engaged, as authorities said it appeared neither of the two passengers were driving the car at the time of the deadly crash.But <a href="https://www.businessinsider.com/tesla-crash-first-victim-named-autopilot-debate-continues-2021-4">Tesla's Elon Musk refuted those claims on Twitter,</a> saying that the company's data logs show the car's Autopilot technology was not turned on.Despite Wednesday's surge in Luminar, the company is still down 38% year-to-date. The company went public via a SPAC merger late last year, <a href="https://markets.businessinsider.com/news/stocks/spac-issuance-collapse-deals-ipos-stocks-market-bespoke-investment-2021-4-1030329263">but that trend has cooled down in April</a> as investors take a harder look at the companies going public via "blank-check" mergers. <div type="image" title="lazr chart.JPG" height="569" width="664" msid="82186076" hostid="261"></div>

Luminar Technologies jumps 21% after it hires Tesla's general counsel as chief legal officer

<ul class="summary-list"><li>Bank of America initiated coverage of <keyword id="4413151" type="PERSON" weightage="60" keywordseo="Luminar-Technologies">Luminar Technologies</keyword> with a "neutral" rating and $23 price target. </li><li>That's a roughly 40% gain from current levels, though BofA noted Luminar's distant production start-date is a risk to the stock.</li><li>Luminar Technologies uses laser sensors, called lidar, that enable autonomous driving.</li></ul><a href="https://markets.businessinsider.com/stocks/lazr-stock?utm_source=markets&amp;utm_medium=ingestgest">Luminar Technologies</a> appears to be a leader in next-generation commercial lidar technology as evidenced by its automotive partnerships, according to Bank of America.On Tuesday a team of analysts led by Aileen Smith initiated coverage of the autonomous vehicle technology company with a "neutral" rating and $23 price target, a roughly 40% gain from current levels. Luminar Technologies uses <a href="https://www.businessinsider.com/luminar-elon-musk-austin-russell-lidar-volvo-cars-2020-10?utm_source=markets&amp;utm_medium=ingestgest">laser sensors, called lidar, that enable autonomous driving</a>. Luminar's stock price soared 110% to over $47 in the first three days following its public debut back in December, but has fallen significantly since then. However, BofA sees upside for Luminar in the next 12 months, especially because of the company's promising partnerships with major auto companies.Luminar currently has series production contracts on passenger vehicles with Volvo and SAIC, a strategic agreement on trucking/logistics with Daimler Truck/Torc, and a sales agreement for LIDAR into robo-taxi AV solutions with Mobileye, the analysts noted. BofA said Luminar's commercial partnerships could give it a competitive advantage in the rapidly-growing lidar market, but added that the future successes for Luminar are somewhat unclear, as the company doesn't plan to start production until the end of next year."...with start of production not slated to commence until end of 2022, proof points of commercialization for LAZR's technology beyond cited production contract wins and its forward looking order book are relatively limited," the analysts said. The analysts added that an important driver of Luminar's stock will be bookings of production contracts and order book estimates. The lidar company has said it plans to score at least three additional commercial program wins and grow its forward order book by 40%+ in 2021, according to BofA.

Luminar's stock could gain 40% as it racks up partnerships for its autonomous vehicle lidar technology, BofA says

<ul><li>Shares of <keyword id="4413151" type="PERSON" weightage="60" keywordseo="Luminar-Technologies">Luminar Technologies</keyword> jumped as much as 25% on Monday, extending a three day gain of over 110% that began after the company went public via <keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword> on Thursday. </li><li>The autonomous vehicle start-up uses laser sensors, called <keyword id="1522310" type="ORGANIZATION" weightage="60" keywordseo="LiDAR">lidar</keyword>, that enable cars to drive themselves. Elon Musk criticized the technology, saying "Anyone relying on lidar is doomed," in 2019.</li><li><keyword id="3926618" type="COMPANY" weightage="60" keywordseo="Luminar">Luminar</keyword> went public through a reverse merger with SPAC Gores Metropoulos. Shares traded above $37 on Monday afternoon.</li><li><a href="https://markets.businessinsider.com/stocks/lazr-stock">Watch Luminar trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/lazr-stock">Shares of Luminar Technologies</a> jumped as much as 25% on Monday, extending a three-day gain of over 110% that began after the company went public via SPAC on Thursday. Luminar Technologies uses <a href="https://www.businessinsider.com/luminar-elon-musk-austin-russell-lidar-volvo-cars-2020-10">laser sensors, called lidar, that enable autonomous driving</a>. For years, Tesla CEO Elon Musk has criticized lidar sensors, saying they're too expensive for consumer cars. "Anyone relying on lidar is doomed," said Musk at <a href="https://www.businessinsider.com/tesla-autonomy-investor-day-live-updates-event-details-elon-musk-self-driving-2019-4">Tesla's 2019 Autonomy Day. </a> In May, Luminar announced an agreement with Volvo to include its Iris lidar sensors in certain Volvo cars beginning in 2022. Read more: <a href="https://www.businessinsider.com/luminar-elon-musk-austin-russell-lidar-volvo-cars-2020-10">The world's youngest self-made billionaire is proving Elon Musk wrong by bringing lidar - and self-driving savvy - to the mass car market</a>Luminar <a href="https://www.businesswire.com/news/home/20201202005741/en/Luminar-and-Gores-Metropoulos-Announce-Closing-of-Business-Combination">went public through a reverse merger</a> with special purpose acquisition company Gores Metropoulos. The combined company now trades on the Nasdaq under a new ticker symbol "LAZR." Shares traded above $37 Monday afternoon.The SPAC debut propelled <a href="https://www.businessinsider.com/luminar-ceo-deals-with-100-hour-weeks-walking-phone-calls-2020-9">25-year-old Luminar CEO Austin Russell</a> to become one of the world's youngest <keyword id="2231588" type="PERSON" weightage="60" keywordseo="self-made-billionaires">self-made billionaires</keyword>, according to <a href="https://www.forbes.com/sites/alanohnsman/2020/12/03/meet-the-worlds-newest-and-youngest-self-made-billionaire-luminars-austin-russell/?sh=5cdfa186123b">Forbes.</a>

An autonomous-vehicle company that uses technology Elon Musk said is 'doomed' went public via SPAC and is up over 110% in 3 days

<ul class="summary-list"><li><keyword id="13337142" type="UNKNOWN" weightage="60" keywordseo="luminar-technologies" source="Orion">Luminar Technologies</keyword> offered Alan Prescott nearly $30 million to leave <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword>, a SEC filing revealed.</li><li>The new chief legal officer at the LIDAR startup has over $29.5 million in stock awards for Luminar.</li></ul>Luminar Technologies gave former Tesla lawyer Alan Prescott a compensation package worth nearly $30 million to become the company's new chief legal officer last year.Prescott <a href="https://www.businessinsider.com/tesla-lawyer-acting-general-counsel-alan-prescott-joins-luminar-startup-2021-4">left Tesla last year</a> to join the startup that develops laser sensors for <keyword id="12402979" type="UNKNOWN" weightage="60" keywordseo="self-driving-cars" source="Orion">self-driving cars</keyword>. The lawyer's compensation package was revealed in the company's <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001758057/000162828022004366/lazr-20211231.htm">10-K filing</a> that was submitted in March to the Securities and Exchange Commission (SEC) and was first <a href="https://news.bloomberglaw.com/us-law-week/ex-tesla-top-lawyer-gets-30-million-to-join-startup-luminar">reported by Bloomberg. </a>Prescott has over $29.5 million in stock awards for Luminar, according to the filing. Last year, the company paid him about $205,700 in cash, and his salary was later raised to $300,000, with a $50,000 bonus in November, the company's <a href="https://investors.luminartech.com/static-files/07cb4e28-d052-40f2-af88-298ee147528d">quarterly report</a> shows.A spokesperson from Luminar did not respond to a request for comment from Insider.Prescott currently owns over $21.5 million in Luminar stock, per Bloomberg's data. A source familiar with the issue told Bloomberg that Prescott's compensation package is similar to the one he had at Tesla. The former Vice President of Legal at Tesla is a veteran in the automotive industry and has worked on several projects involving autonomous vehicles. Before his stint at Tesla, he spent a decade at Ford and later served as senior counsel for Uber's autonomous-driving unit.Luminar is an up-and-coming company in the self-driving world. In January, Mercedes-Benz <a href="https://group.mercedes-benz.com/innovation/product-innovation/autonomous-driving/articlepartnership-luminar.html">announced</a> it was partnering with the startup and planned to use its self-driving technology for its next lineup of luxury vehicles.The LIDAR company listed on the Nasdaq stock market via a reverse merger in 2020 and made its 27-year-old CEO, <keyword id="13337141" type="UNKNOWN" weightage="60" keywordseo="austin-russell" source="Orion">Austin Russell</keyword>, <a href="https://www.businessinsider.com/austin-russell-replaces-kylie-jenner-youngest-self-made-billionaire-forbes-list-2021-4">a billionaire virtually overnight</a>. Last year, Forbes <a href="https://www.businessinsider.com/austin-russell-replaces-kylie-jenner-youngest-self-made-billionaire-forbes-list-2021-4">crowned</a> Russell as its youngest self-made billionaire.Prescott's decision to move to Luminar might appear counterintuitive to some, as it goes against Tesla CEO <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>'s philosophies about self-driving tech. In 2019, Musk described Luminar's technology, used by most other self-driving-car firms, <a href="https://www.businessinsider.com/luminar-elon-musk-austin-russell-lidar-volvo-cars-2020-10">as "doomed."</a> Instead of LIDAR, Tesla relies on a suite of external cameras and other sensors for its autonomous-driving efforts. In October, <a href="https://www.nytimes.com/2021/12/06/technology/tesla-autopilot-elon-musk.html">The New York Times reported</a> that Musk has repeatedly instructed the company's Autopilot team, which works on <keyword id="11901298" type="UNKNOWN" weightage="60" keywordseo="self-driving-car" source="Orion">self-driving car</keyword> tech, to ditch radar and use only cameras instead, as it most closely <a href="https://www.businessinsider.com/elon-musk-demanded-cameras-over-radar-in-self-driving-cars-nytimes-2021-12">emulates the human eye.</a>Prescott is not the only lawyer to join Luminar over the past year. The company's 10-K filing revealed that the company has hired two more lawyers to join the startup's board and offered the lawyers, Katharine Martin and Alexander Phillips, compensation packages as high as $636,000 in 2021.

An ex-Tesla lawyer received nearly $30 million to ditch Elon Musk's company for a 27-year-old billionaire's self-driving startup

<ul class="summary-list"><li><keyword id="12499581" type="UNKNOWN" weightage="60" keywordseo="luminar" source="Orion">Luminar</keyword> stock jumped nearly 19% in Thursday trading following a deal with <keyword id="12030256" type="UNKNOWN" weightage="60" keywordseo="mercedes-benz" source="Orion">Mercedes-Benz</keyword>. </li><li>The German <keyword id="12047044" type="UNKNOWN" weightage="60" keywordseo="automaker" source="Orion">automaker</keyword> plans to use Luminar's lidar technology in future autonomous <keyword id="12538524" type="UNKNOWN" weightage="60" keywordseo="vehicles" source="Orion">vehicles</keyword>. </li></ul>Shares of Luminar Technologies surged 18.8% in Thursday trading after Mercedes-Benz announced plans to use the technology supplier's laser sensors as part of a new autonomous vehicle platform and said it would take a stake in the company. Luminar's stock jump marked the largest intraday gain for the company in over two months. The company went public in 2020 in a $3.4 billion reverse merger with a special purpose acquisition company. The stock was down about 20% year-to-date before Thursday's announcement of the company's deal with Mercedes. As part of the deal, the German auto maker will be taking a minority stake in the lidar developer, acquiring 1.5 million shares, according to Luminar, which amounts to less than 1% of the company. Mercedes intends to use Luminar's lidar sensors for future production of self-driving vehicles. However, the company did not share a timeline for when it plans to integrate the new technology into its cars.Lidar technology uses lasers to detect the shapes of objects so vehicles can "see" them on the road. In 2020, Daimler Trucks, a division of Mercedes-Benz's parent company, also acquired a minority stake in Luminar, which has a growing list of partnerships with big car makers. So far, the technology supplier has deals with Intel's Mobileye, Airbus, Audi, Volvo. Last year, it was reported that <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> was testing the technology, although<a href="https://www.businessinsider.com/tesla-luminar-lidar-deal-elon-musk-bloomberg-2021-5"> Elon Musk has criticized it as "expensive" and "unnecessary."</a>Shares of Luminar traded at nearly $15.84, as of 11:41 a.m. ET.

Luminar jumps 19% after Mercedes acquires stake in the company and plans to use its tech for self-driving cars

<ul class="summary-list"><li><keyword id="12499581" type="UNKNOWN" weightage="60" keywordseo="luminar" source="Orion">Luminar</keyword> stock shot up as much as 44% after a new self-driving car deal with <keyword id="11897493" type="UNKNOWN" weightage="60" keywordseo="nvidia" source="Orion">Nvidia</keyword>.</li><li>Nvidia plans to implement Luminar's lidar technology in a new autonomous vehicle reference platform.</li></ul>Shares of Luminar Technologies Inc. jumped Tuesday after it announced Nvidia Corp. is using its technology in a new self-driving vehicle collaboration. The stock was up as much as 44% in pre-market trading before paring gains. The shares were trading higher by about 20%, at $21.14 as of 10:15 a.m. ET. Luminar said its Lidar (Light Detection and Ranging) technology will be part of the sensor suite of the Nvidia Drive Hyperion autonomous vehicle reference platform. Luminar Technologies specializes in long-range Lidar products, with the goal of making widely available autonomous driving technology. In addition to inking a deal with Nvidia, Luminar also made a deal with Volvo earlier this year. The tech company will report earnings on Thursday later this week. Nvidia, meanwhile, is looking to lead the way into the metaverse era with a slate of new tools. At the company's virtual GPU Technology Conference, <a href="https://www.marketwatch.com/story/nvidia-seeks-to-lead-gold-rush-into-the-metaverse-with-new-ai-tools-11636445322">the chip maker announced</a> the rollout of several products as an expansion of its Omniverse Enterprise platform. Nvidia topped a <a href="https://www.marketwatch.com/story/nvidia-stock-rockets-toward-best-day-in-19-months-as-optimism-grows-for-metaverse-opportunity-11636041759?mod=article_inline">$700 billion valuation</a> for the first time last week. "Nvidia has led the modern compute revolution, and the industry sees them as doing the same with autonomous driving," Luminar CEO Austin Russell said.

Luminar skyrockets as much as 44% after striking deal with Nvidia for self-driving car technology

<ul class="summary-list"><li><keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>'s acting general counsel has joined the self-driving-car startup <keyword id="3926618" type="COMPANY" weightage="60" keywordseo="Luminar">Luminar</keyword> Technologies.</li><li>Alan Prescott, who joined Tesla in 2019, will lead Luminar's legal team.</li><li>An Intel executive, Trey Campbell, also joined the startup, it said. </li></ul>Tesla's top lawyer, Alan Prescott, left the electric-car company to join Luminar Technologies, a startup that develops laser sensors for <keyword id="1052513" type="PERSON" weightage="60" keywordseo="self-driving-cars">self-driving cars</keyword>, Luminar announced Wednesday.Prescott - who had served as Tesla's acting general counsel since 2019, according to his LinkedIn profile - will be the chief legal officer at Luminar.Prescott has worked on several projects involving autonomous vehicles in his career. Before his stint at Tesla, he spent a decade at Ford and later served as senior counsel for Uber's autonomous-driving unit.Luminar listed on the Nasdaq stock market via a reverse merger in December, making its 26-year-old CEO, Austin Russell, <a href="https://www.businessinsider.com/austin-russell-replaces-kylie-jenner-youngest-self-made-billionaire-forbes-list-2021-4">a billionaire virtually overnight</a>.The company's sensors have been used to create self-driving <keyword id="20632" type="ORGANIZATION" weightage="60" keywordseo="Cars">cars</keyword> at companies like <keyword id="6359474" type="ORGANIZATION" weightage="60" keywordseo="volvo">Volvo</keyword> and Toyota. The technology relies on lidar, which uses pulses of light to create a 3D map of a car's environment, allowing it to determine the best course and avoid obstacles.Prescott "understands the challenges and nuances of operating in both the autonomous driving space and in the automotive industry more broadly, and we look forward to his insights and expertise as we continue to scale our business and accelerate the expansion of our product and commercial roadmaps," Russell said in a <a href="https://www.luminartech.com/tesla-and-intel-industry-executives-join-luminar/">press release</a>.The Tesla executive's decision to move to Luminar is interesting given Tesla CEO Elon Musk's philosophies about self-driving tech. In 2019, Musk described Luminar's technology, used by most other self-driving-car firms, <a href="https://www.businessinsider.com/luminar-elon-musk-austin-russell-lidar-volvo-cars-2020-10">as "doomed."</a> Instead of lidar, Tesla relies on a suite of external cameras and other sensors for its autonomous-driving efforts.Prescott is not the only major executive to join Luminar recently. Trey Campbell, formerly the head of investor relations at Intel, will lead Luminar's investor relations, Luminar said.

Tesla's top lawyer has left Elon Musk's company for a 26-year-old billionaire's self-driving startup

The world's youngest self-made billionaire hopes to power every future self-driving car with a technology that Elon Musk says is 'doomed'

<ul><li>Velodyne and Luminar, two companies that make <keyword id="1522310" type="ORGANIZATION" weightage="60" keywordseo="LiDAR">lidar</keyword> sensors, extended their two-day surges to more than 30% following a Reuters report that <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword> is building its own electric car.</li><li>Lidar sensors are a key component for self-driving cars, as they allow the car to see a 3D image of their surroundings and navigate the environment accordingly.</li><li>Though Velodyne and Luminar have not been named, Apple is using outside partners for its self-driving system that is under development, including lidar sensors, according to the report.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/vldr-stock">Velodyne Lidar</a> and <a href="https://markets.businessinsider.com/stocks/lazr-stock">Luminar Technologies</a> have both surged as much as 37% since <a href="https://www.reuters.com/article/us-apple-autos-exclusive/exclusive-apple-targets-car-production-by-2024-and-eyes-next-level-battery-technology-sources-idUSKBN28V2PY">a report from Reuters</a> on Monday detailed <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple's</a> ambition to compete with <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> and sell an electric vehicle by 2024.Velodyne and Luminar both produce lidar sensors, which continuously scan a 3D image of near-by surroundings, enabling self-driving cars to navigate their surrounding environment accordingly. Essentially, lidar sensors are the "eyes" for self-driving cars being developed by self-driving car companies like Waymo and Cruise. Luminar jumped as much as 10% on Tuesday, while Velodyne surged 14% at intraday highs. Both companies went public via SPAC earlier this year and are not yet profitable.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-top-pick-in-each-sp500-sector-bofa-2020-12" target="_blank" rel="noopener">Bank of America unveils its top stock pick in each of the 11 S&amp;P 500 sectors and explains why they're poised to dominate in the year ahead</a>Apple is tapping outside partners for components of its car, including lidar sensors, the report said, adding that a car developed by Apple could feature multiple lidar sensors for scanning different distances.The consumer-tech giant is familiar with developing Lidar sensors in-house. The company's recent iPhone 12 Pro and iPad Pro models contain lidar sensors for the first time ever. But for now, it seems Apple will rely on outside vendors for lidar sensors, driving investors to bid up potential lidar suppliers like Velodyne and Luminar. One self-driving car company that does not rely on lidar sensor technology is Tesla. Instead, Tesla cars rely on a suite of external cameras and artificial intelligence to navigate the roads with little human input.Tesla CEO Elon Musk has derided lidar technology, saying at its first autonomy day event in 2019, "Lidar is a fool's errand...and anyone relying on lidar is doomed. Doomed! [They're] expensive sensors that are unnecessary."Read more: <a href="https://www.businessinsider.com/investing-strategy-stock-market-barry-norris-tips-rolls-royce-argonaut-2020-12" target="_blank" rel="noopener">Investing veteran Barry Norris is beating 95% of his peers by betting against the market's riskiest companies. He warns investors against the 'siren call' to own value stocks - and explains why he's now bearish on Rolls-Royce.</a>

Lidar stocks extend 2-day pop to more than 30% on report that Apple is building its own car

Hello everyone! Welcome to this weekly roundup of Business Insider stories from executive editor Matt Turner. <a href="http://newsletter.businessinsider.com/join/4np/insider-weekly">Subscribe here to get this newsletter in your inbox every Sunday.</a>Hello!So much for a quiet end to August. To recap:<ul><li><a href="https://www.businessinsider.com/the-people-that-benefit-most-when-palantir-goes-public-2020-8">Palantir</a>, <a href="https://www.businessinsider.com/asana-amazon-web-services-cloud-spending-2020-8">Asana</a>, <a href="https://www.businessinsider.com/snowflake-ipo-challenges-amazon-microsoft-and-google-2020-8">Snowflake,</a> and <a href="https://www.businessinsider.com/telehealth-goodrx-ipo-s1-6-biggest-takeaways-2020-8">GoodRx</a> filed to go public this week, among others. </li><li>A judge ruled that Apple was justified in <a href="https://www.businessinsider.com/apple-removes-fortnite-app-store-response-epic-games-2020-8">booting Fortnite from its App Store</a>, but Apple must continue to give Epic Games access to software developer tools and thus <a href="https://www.businessinsider.com/apple-digs-in-on-app-store-battle-with-fortnite-creator-2020-8">cannot try to choke Epic's broader game engine business</a>. </li><li>Salesforce <a href="https://www.businessinsider.com/salesforce-layoffs-workers-severance-earnings-2020-8">laid off off about 1,000 workers</a> a day after <a href="https://markets.businessinsider.com/news/stocks/salesforce-stock-price-q2-earnings-beats-analyst-estimates-raised-guidance-2020-8-1029536941">reporting blockbuster results that surpassed Wall Street estimates</a>.</li><li>The SEC said it would for the first time allow people who are <a href="https://www.businessinsider.com/sec-just-made-lot-easier-to-invest-in-venture-capital-2020-8">not already rich to invest in startups and venture funds.</a></li><li>The 25-year-old CEO of Luminar <a href="https://www.businessinsider.com/25-year-old-sells-startup-founded-high-school-34-billion-2020-8">sold the self-driving-car startup he founded in high school in a $3.4 billion deal</a></li><li>The head of Uber Eats for the US and Canada <a href="https://www.businessinsider.com/uber-eats-us-head-leaves-company-amid-food-delivery-surge-2020-8">left the company, just as food delivery surges during the pandemic.</a></li><li>Google quietly <a href="https://www.businessinsider.com/google-kirkland-office-urban-seattle-sundar-pichai-2020-8">bought an office-development site near Seattle for $40 million</a>, suggesting that the pandemic isn't slowing its expansion plans.</li></ul>The biggest story of all, however, has been TikTok. <a href="https://www.businessinsider.com/tiktok-ceo-kevin-mayer-resigns-control-acquisition-bytedance-zhang-yiming-2020-8">CEO Kevin Mayer quit months in to the job</a>. And in the coming hours and days, we're likely to find out more about a deal to buy some or all of TikTok. To help make sense of what's become a very complex situation, Paige Leskin produced this handy guide:<ul><li><a href="https://www.businessinsider.com/tiktok-acquisition-potential-buyers-us-operations-investors-microsoft-walmart-oracle-2020-8">Walmart, Microsoft, and Oracle are just some of the companies jostling to buy TikTok. Here's who is, who isn't, and why they might want it.</a></li></ul>You can get more on <a href="https://www.businessinsider.com/tiktok-amazon-walmart-bytedance-trump-riches-data-2020-8">why Walmart wants in on a deal here</a>. And here's <a href="https://www.businessinsider.com/experts-on-oracle-buying-tiktok-reasons-motivation-2020-8">what experts are saying about Oracle's interest</a>.Related:<ul><li><a href="https://www.businessinsider.com/sai">You can get all the latest on TikTok and tech right here.</a></li><li><a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech&amp;hash=8122c716833601fc1471f79af063b104b104">Sign up here to get the 10 things in tech you need to know in your inbox every weekday morning. </a></li></ul><h2>The most powerful man in HR</h2><div type="image" title="johnny taylor at white house" height="1365" width="2048" msid="77836620" hostid="261"></div>From Shana Lebowitz:On February 1, 2018, employees of the Society for Human Resource Management convened for an all-staff meeting at a hotel near headquarters in Alexandria, Virginia.Some staffers were flown in from other parts of the country. The new CEO, Johnny C. Taylor Jr., treated employees to lunch and handed out SHRM-branded T-shirts.Later that afternoon, former staff recalled, about two dozen employees were called individually into meetings with their division chiefs. It was their last day at SHRM, they learned. SHRM staff escorted them off the premises, where IT representatives wiped company email accounts off their phones. They got into their cars and drove home. Some were still wearing their celebratory SHRM T-shirts.Taylor has turned the organization, which counts 300,000 HR professionals as members, around financially, Shana reported. But many former employees that Business Insider spoke with used the word "fear" to describe its culture. They also said they felt pressured to return to the office during the coronavirus pandemic. You can read the full story here:<ul><li><a href="https://www.businessinsider.com/how-shrm-ceo-johnny-taylor-transformed-the-largest-hr-organization-2020-8">The CEO of the world's largest HR organization led a $20 million turnaround. Meet Johnny C. Taylor Jr., a visionary who insiders say embraces layoffs and dismisses COVID-19 fears.</a></li></ul><h2><keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">Investing</keyword> philosophy</h2><div type="image" title="Savita Subramanian" height="375" width="884" msid="77836622" hostid="261"></div>If you're a close follower of market news, you've probably seen <a href="https://www.businessinsider.com/category/savita-subramanian">Savita Subramanian</a> on your television screen at one point or another, writes William Edwards. From his story:The head of equity and quantitative strategy at Bank of America is a regular contributor to financial TV for good reason: She does some of the most influential work on Wall Street for one of the biggest investment banks. People care about what she has to say.But odds are Subramanian isn't like many of the other analysts you might see making media appearances — or even generally similar to most people working in the numbers-heavy field of <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword>, for that matter. Of course, Subramanian is well-versed in the quantitative side of things — she has a mathematics degree from the University of California, Berkeley, and an MBA with a focus in finance from Columbia University. While at Berkeley, from which she graduated in 1995, she also majored in philosophy. The decision still informs her work, sometimes more than her other fields of study."My math major is what got me in the door, but my philosophy major is what kept me here," she recently told Business Insider in an exclusive interview. You can read William's full interview with Savita here:<ul><li dir="ltr"><a href="https://www.businessinsider.com/stock-market-investing-strategy-wall-street-career-advice-savita-subramanian-2020-8">Savita Subramanian uses her philosophy major more than her math degree as Bank of America's US equity chief. She told us how it guides her investing strategy — and shared the drivers behind her career success.</a></li></ul>Here are some headlines from the past week you might have missed. — Matt<a href="https://www.businessinsider.com/how-leaders-companies-should-respond-jacob-blake-shooting-kenosha-wisconsin-2020-8">We're analyzing company statements on the shooting of Jacob Blake. Here's what leaders are doing well and how to craft a meaningful response.</a><a href="https://www.businessinsider.com/meet-the-25-chief-marketing-officers-to-watch-in-2020-2020-8">The CMOs to watch in 2020</a><a href="https://www.businessinsider.com/republican-party-chair-battle-for-control-brewing-trump-loses-election-2020-8">A battle is brewing for the soul of the Republican Party. It could get really ugly if Trump loses the election.</a><a href="https://www.businessinsider.com/kellogg-mba-professor-high-performing-employees-possess-4-traits-2020-8">I'm a professor at Kellogg who studies high-performing employees. Here are 4 signs you're one of them, and how to work with others who aren't.</a><a href="https://www.businessinsider.com/meet-key-blackrock-leaders-driving-private-equity-alternative-investments-push-2020-8">Meet the 17 power players at BlackRock carrying out CEO Larry Fink's vision to turbocharge private equity and alternative investments growth</a><a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-companies-strong-earnings-morgan-stanley-2020-8">MORGAN STANLEY: Buy these 12 underappreciated stocks that offer strong profit growth and are due for a surge</a><a href="https://www.businessinsider.com/finix-pitch-deck-amex-ventures-lightspeed-series-b-2020-8">Here's the 20-slide pitch deck Finix used to sell its vision of payments-as-a-service and nab $30 million from backers including Amex's VC arm</a><a href="https://www.businessinsider.com/blackstone-prepares-post-labor-day-return-to-office-in-us-2020-8">Blackstone is encouraging US workers to return to the office after Labor Day, and that's putting some employees on edge</a>

Your guide to a wild week in Silicon Valley, where Palantir filed to go public, Salesforce cut jobs, and TikTok hangs in the balance

Happy Friday, readers! I'm your host, Jordan Parker Erb, and today I'm helping break down why <a href="https://www.businessinsider.com/recession-outlook-tech-stock-market-crash-us-economy-meltdown-gdp-2022-5">we probably won't see a true recession</a> anytime soon — despite stormy skies in the <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> industry.Shall we?Launching Monday: Our weekday <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword> <a href="https://newsletter.businessinsider.com/click/27916928.115375/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9zdWJzY3JpcHRpb24vbmV3c2xldHRlci8xMC10aGluZ3Mtb24td2FsbC1zdHJlZXQ_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD0xMF90aGluZ3NfdGVjaA/6036a9b4a86c5033515e02e3Bd26488fe">10 Things on Wall Street</a> will take you inside the finance industry, from the latest in banking and fintech to the power players leading the biggest deals on the Street, Silicon Valley, and elsewhere. <a href="https://newsletter.businessinsider.com/click/27916928.115375/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9zdWJzY3JpcHRpb24vbmV3c2xldHRlci8xMC10aGluZ3Mtb24td2FsbC1zdHJlZXQ_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD0xMF90aGluZ3NfdGVjaA/6036a9b4a86c5033515e02e3Cd26488fe">Sign up here</a>.If this was forwarded to you, <a href="https://newsletter.businessinsider.com/click/27645591.160803/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9zdWJzY3JpcHRpb24vbmV3c2xldHRlci8xMC10aGluZ3Mtb3BlbmluZy1iZWxsP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Be824e273">sign up here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://www.businessinsider.com/recession-outlook-tech-stock-market-crash-us-economy-meltdown-gdp-2022-5"></a>1. The likelihood of a true recession seems low. The tech industry is dealing with layoffs and stock crashes, and execs are warning about a recession — but the economy is <a href="https://www.businessinsider.com/recession-outlook-tech-stock-market-crash-us-economy-meltdown-gdp-2022-5">actually doing just fine</a>, Neil Dutta writes. He explains: <ul><li>Despite stumbles in the industry, the biggest driver of the economy — average Americans' consumption — continues to expand at a solid pace. Tech isn't the whole economy, after all.</li><li>Americans spent the pandemic loading up on goods, and now they're not. But that doesn't mean consumers are suddenly spending a great deal less overall; they're just shifting where they spend.</li><li>Instead of spending on big-ticket items like washing machines, couches, and laptops, they're going out to restaurants, heading to the movies, and taking to the skies. </li></ul><a href="https://www.businessinsider.com/recession-outlook-tech-stock-market-crash-us-economy-meltdown-gdp-2022-5">Why he says we shouldn't be fearing a recession.</a>In other news:<a href="https://www.businessinsider.com/best-career-advice-from-business-execs-ceos-2022-graduation-speeches-2022-5"></a><div type="image" title="Tim Cook at Gallaudet University commencement" height="4480" width="5973" msid="91986098" hostid="261"></div>2. We rounded up tech leaders' best career advice for college grads. The CEOs of Apple, Snap, and other tech giants spoke at this year's commencement ceremonies, urging students to lead with their values and focus on building relationships. <a href="https://www.businessinsider.com/best-career-advice-from-business-execs-ceos-2022-graduation-speeches-2022-5">Read their other tips</a>.3. Bolt's CEO fielded questions from employees a week after layoffs rocked the fintech. Screenshots viewed by Insider show employees probing Maju Kuruvilla about the firm's lay-off strategy in a company-wide "ask me anything" meeting. <a href="https://www.businessinsider.com/bolt-layoffs-fintech-startup-ceo-fields-questions-ama-meeting-2022-6">What we learned from the screenshots</a>. 4. Each month, forgotten subscriptions cost consumers more than they realize. Subscriptions for that app or delivery service you forgot about could be cutting away at your savings: A new study found that on average, overlooked subscriptions are costing users about $133 each month. <a href="https://www.businessinsider.com/subscription-services-forgotten-cost-consumers-payments-2022-6">Here's what the study found</a>.5. Check out Facebook's new executive structure as Sheryl Sandberg exits. Her exit is prompting broader changes — and her successor Javier Olivan will have almost twice as many direct reports as Sandberg had in the same role. <a href="https://www.businessinsider.com/sheryl-sandbergs-exit-from-facebook-prompts-reorganization-for-successor-javier-olivan-2022-6">See our chart here.</a>6. Coinbase said it was withdrawing some job offers and freezing hiring indefinitely. The company sent emails to alert the affected candidates, which one recipient slammed as "unprofessional." <a href="https://www.businessinsider.com/read-email-coinbase-sent-en-masse-to-withdraw-job-offers-2022-6">Read the full text of the letter Coinbase reportedly sent.</a>7. Even amid the tech slowdown, these eight companies are still hiring. We spoke with talent leaders from companies like Adobe and PayPal, who shared what opportunities are still available —<a href="https://www.businessinsider.com/tech-companies-still-hiring-engineers-tech-slowdown-2022-5"> and insider tactics for getting hired</a>.8. Elon Musk wants to cut 10% of Tesla jobs. Per Reuters, Musk told Tesla executives to pause all hiring worldwide because he has a "super bad feeling" about the economy. <a href="https://www.businessinsider.com/elon-musk-10-percent-cut-tesla-jobs-bad-feeling-economy-2022-6">More from the report here.</a>Odds and ends:<a href="https://www.businessinsider.com/buick-electric-car-wildcat-ev-concept-aromatherapy-massaging-seats-2022-6"></a><div type="image" title="Buick Wildcat electric concept car." height="1733" width="2311" msid="91986102" hostid="261"></div>9. Buick revealed an electric concept car with some wild features. The concept car, dubbed the Wildcat, combats road rage — if it senses an elevated heart rate, it will dim the lights, switch on massaging seats, and deploy its integrated aromatherapy functions. <a href="https://www.businessinsider.com/buick-electric-car-wildcat-ev-concept-aromatherapy-massaging-seats-2022-6">Check out the car here</a>.10. You can get Apple's basic AirPods for just $100 right now. The second-generation AirPods are just $99.99 now from Amazon, Walmart, and Target, $20 off their usual price. A better deal isn't expected until Amazon Prime Day — <a href="https://www.businessinsider.com/guides/tech/best-apple-airpods-deals-before-amazon-prime-day">here's what you need to know</a>.The latest people moves in tech:<ul><li>Ghost-kitchen startup Reef Technology <a href="https://www.businessinsider.com/reef-technology-president-michael-beacham-ghost-kitchen-startup-2022-6">quietly ousted a key exec</a>.</li><li>Meta's VP of AI, Jerome Pesenti, will leave the company <a href="https://www.axios.com/2022/06/02/meta-facebook-ai-decentralize">later this month</a>.</li><li>Bernard Kim became <a href="https://www.cnbc.com/2022/05/03/match-group-names-bernard-kim-as-ceo-replacing-shar-dubey.html">Match Group's CEO</a>, succeeding Shar Dubey.</li><li>Christoph Aeschlimann is Swisscom's <a href="https://www.reuters.com/business/media-telecom/swisscom-names-aeschlimann-ceo-one-offs-swell-2021-net-profit-2022-02-03/">new CEO</a>.</li><li>Variety reported that <a href="https://variety.com/2022/tv/news/jonathan-bing-exits-netflix-communications-vice-media-group-1235282908/#recipient_hashed=5f583d22068dd755f6f7a2bf11a9210835cb86168631b6352c5454049ffd9d5a">Jonathan Bing has exited Netflix</a> to lead communications at Vice Media Group.</li><li>After less than a year, Christopher "CJ" Moore <a href="https://www.bloomberg.com/news/articles/2022-05-25/apple-car-director-moore-heads-to-luminar-after-less-than-a-year?cmpid=BBD052922_POWERON&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220529&amp;utm_campaign=poweron">has left Apple's car project for Luminar</a>, according to Bloomberg. </li><li>Warner Bros. chairman Toby Emmerich <a href="https://www.businessinsider.com/warner-bros-chairman-to-step-down-following-discovery-merger-2022-6">will exit the company</a>.</li></ul>Keep updated with the latest tech news throughout your day by checking out<a href="https://link.chtbl.com/therefresh"> The Refresh from Insider,</a> a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Jordan Parker Erb in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.)

You Searched For "luminar stock" and got 11 results

Luminar Technologies jumps 21% after it hires Tesla's general counsel as chief legal officer

Matthew Fox

Luminar's stock could gain 40% as it racks up partnerships for its autonomous vehicle lidar technology, BofA says

Emily Graffeo

An autonomous-vehicle company that uses technology Elon Musk said is 'doomed' went public via SPAC and is up over 110% in 3 days

Emily Graffeo

An ex-Tesla lawyer received nearly $30 million to ditch Elon Musk's company for a 27-year-old billionaire's self-driving startup

Grace Kay

Luminar jumps 19% after Mercedes acquires stake in the company and plans to use its tech for self-driving cars

Phil Rosen

Luminar skyrockets as much as 44% after striking deal with Nvidia for self-driving car technology

Phil Rosen

Tesla's top lawyer has left Elon Musk's company for a 26-year-old billionaire's self-driving startup

Grace Kay

The world's youngest self-made billionaire hopes to power every future self-driving car with a technology that Elon Musk says is 'doomed'

Hillary Hoffower

Lidar stocks extend 2-day pop to more than 30% on report that Apple is building its own car

Matthew Fox

Your guide to a wild week in Silicon Valley, where Palantir filed to go public, Salesforce cut jobs, and TikTok hangs in the balance

Matt Turner

Tech: The economy might just be fine

Jordan Parker Erb

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