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TechCrunch
25 minutes ago
- TechCrunch
Rivian CEO RJ Scaringe's voting control slips following divorce settlement
Rivian founder and CEO RJ Scaringe has transferred a portion of his ownership stake and voting power as part of a newly-settled divorce proceeding, according to a regulatory filing. Scaringe moved about 4 million in shares and 6 million in options to his ex-wife, Meagan Scaringe, on July 9 as part of the settlement, the filing shows. At Rivian's current stock price, those shares and options could be worth roughly $130 million, though they have varying strike prices that would affect the total return if sold. The change in stock ownership comes at the end of a two-year-long divorce proceeding, court documents show. Scaringe owned more than 15 million shares of Class A stock and nearly 8 million Class B shares when the company submitted its annual proxy report April 29. As a result of the transfer, Scaringe's voting power has slipped from 7.6% earlier this year to around 4%, the lowest since Rivian's 2021 IPO. The shift in stock ownership doesn't have an impact on Rivian's business or operations, according to the company. In an official statement emailed to TechCrunch, a spokesperson said 'RJ and Meagan finalized their divorce. They will continue to prioritize co-parenting their children.' The settlement comes at a pivotal time for Rivian. Rivian has redesigned its R1S SUV and R1T truck in a bid to lower manufacturing costs, while improving performance of its flagship vehicles. However, the company is banking on the next addition to its lineup — the highly anticipated R2 SUV that has a $45,000 base price — to grow sales. That vehicle won't go on sale until the first half of 2026. The ownership structure of Rivian has shifted since its IPO in 2021. At that time, Amazon and Ford were among the largest stakeholders. Today, Ford is essentially out and Volkswagen Group has emerged as a major player. Techcrunch event Save up to $475 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $450 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW In late 2024, Rivian entered into a joint venture valued at $5.8 billion with Volkswagen focused on software and electrical architecture. Rivian has provided technology and employees to the joint venture, while Volkswagen has largely contributed money in the form of share purchases and convertible debt. As a result, the German automotive giant now owns 12.3% of Rivian, according to a recent filing. That puts it slightly behind Amazon, which owned 14.2% of Rivian as of the April 2025 proxy filing. That's enough to give Amazon the most voting power of any single shareholder: 13.3%. (Ford and T. Rowe Price also used to be major shareholders after the IPO, but have since sold down their stakes.) Scaringe's ownership stake in Rivian was 2% prior to the divorce settlement, according to the proxy filing. But he had a 7.6% share of the voting power, thanks in part to the Class B stock, which comes with 10 votes per share. (Rivian's Class A stock only comes with 1 vote per share.) The transfer of shares and options in the settlement cuts his voting power to around 4%. Unlike many high-profile tech founders, Scaringe never had a tremendous amount of voting power post-IPO. The most he wielded was 9.2% in 2022. That figure remained unchanged in 2023, fell to 8.7% in 2024, and again to 7.6% in 2025 following the Volkswagen investment. The Class B stock included in the settlement was automatically converted into Class A stock, meaning Scaringe's ex-wife will not likely have much voting power relative to other shareholders if she maintains the holding. A lawyer representing her did not respond to a request for comment sent over the weekend. The CEO and founder still controls a mix of around 50 million shares, options, and Restricted Stock Units, or RSUs. As those fully vest, his ownership stake and voting power could go back up. Scaringe founded Rivian in 2009, and he was married in 2014. He took Rivian public in 2021. Records obtained from Orange County Superior Court show that he filed for divorce in October 2023, with his ex-wife agreeing to separate in another filing one month later.
Gizmodo
26 minutes ago
- Gizmodo
This TP-Link WiFi 6 Router Is Now Dirt Cheap, Gets Rid of Dead Zones in Your House
If you rely on the router provided by your internet service provider, you've probably noticed that the coverage and speeds rarely live up to the promises on the box. ISPs are usually only going to give you a bare minimum of equipment that can't possibly deliver fast WiFi throughout your home, especially if you have solid walls or multiple floors. If you're serious about actually receiving the speeds you're paying for in each and every room, then spending money on a dedicated router is the way. TP-Link has built itself a reputation as a go-to for simple networking gear, and right now their top-seller and cheapest model is available at an all-time low from Amazon: The TP-Link AX1800 WiFi 6 router currently retails for only $54, a huge drop from its usual price of $100 (45% off). See at Amazon The Archer AX21 is a dual-band WiFi 6 route with support for 2.4GHz and 5GHz frequencies and it offers better speeds and efficiency compared to legacy WiFi standards. Using WiFi 6 technology (802.11ax), you can have as much as 1.8 Gbps of aggregate bandwidth. This is a major advantage if you have multiple devices streaming simultaneously. It has four high-gain antennas and advanced beamforming technology which beams the signal exactly where you want it. TP-Link's setup is straightforward whether you use the Tether app or the web-based interface. The device itself is also Alexa-certified, which means you can use voice commands for some of its functions like turning the guest network on and off. If you plan on expanding your network's coverage range in the future, the AX21 is EasyMesh-compatible and you can add compatible TP-Link mesh devices to expand even further without hassle. Four gigabit Ethernet ports are included and allow you to plug your desktop computer, gaming console, or smart TV in with the fastes and most stable speeds available. Security is also key with WPA3 encryption to keep your data safe from unwanted guests. TP-Link also offers you free expert assistance, a welcome feature should you ever find yourself stuck or have a question regarding your network. If you want to finally enjoy the speeds you've been paying for, this deal is one that you can't pass on. See at Amazon
Entrepreneur
34 minutes ago
- Entrepreneur
Meta Acquires PlayAI, Startup Generating Human-Like Voices
Through the acquisition, Meta is adding fresh talent to its ranks and bringing over the startup's 35 employees. In the latest chapter in Meta's AI buying and hiring spree, Meta has acquired AI voice cloning startup PlayAI. Meta confirmed the acquisition to Bloomberg, but didn't state the deal's value. According to an internal memo leaked to Bloomberg, the "entire PlayAI team," around 35 people, will join Meta this week. They will report to Johan Schalkwyk, a former speech AI researcher at Google who recently joined Meta from another AI voice startup called Sesame AI. PlayAI's core product is a voice cloning tool that can generate human-sounding voices. The startup has partnered with companies like Walgreens and Salesforce to create voice agents for businesses that are available to answer questions, handle transactions, and schedule appointments. Related: 'The Market Is Hot': Here's How Much a Typical Meta Employee Makes in a Year PlayAI's "work in creating natural voices, along with a platform for easy voice creation, is a great match for our work and road map, across AI Characters, Meta AI, Wearables, and audio content creation," Meta wrote in the leaked memo. Meta CEO Mark Zuckerberg at Meta Connect in September 2024. Photographer: David Paul Morris/Bloomberg via Getty Images Meta has been hiring and acquiring AI talent aggressively in recent months. In June, the company made one of its biggest investments yet, pouring $14.3 billion into AI data training startup Scale AI in exchange for a 49% stake in the startup and access to new talent. The deal brought Scale AI's former CEO, Alexandr Wang, to Meta as its new Chief AI Officer and head of a new team focused on developing superintelligence, or AI that surpasses human intelligence. Meta is paying top dollar to assemble a group of about 50 experts who will work to develop superintelligence with the aim of one day bringing it to Meta's products, including its AI smart glasses and chatbot. Scale AI's valuation more than doubled after the investment, rising from $14 billion to $29 billion. Meta has also been poaching AI researchers and engineers from OpenAI, Google, and Anthropic for its new superintelligence team with competitive compensation, which can go up to nine figures. Meta CEO Mark Zuckerberg, 41, announced last month that former Google DeepMind researchers Jack Rae and Pei Sun and former OpenAI staff Trapit Bansal and Hongyu Ren would be joining the superintelligence team. Additionally, new details emerged last week that Meta is reportedly compensating former Apple engineer Ruoming Pang more than $200 million across several years to join its superintelligence effort — more than double the $74.6 million Apple CEO Tim Cook made last year. Related: Meta Invests Billions in World's Largest Eyewear Company After Ray-Ban Smart Glasses Success Meta stock was up over 19% year-to-date at the time of writing. The company has a market value of $1.81 trillion, making it the sixth largest in the world by market capitalization.
