Reinvent Technology Partners Stock shares rose 10% on Wednesday morning after Joby Aviation, a special purpose acquisition company (SPAC), announced that it would merge with Joby Aviation. Investors are thrilled by the combination, which brings together a wide range of backers.
What are you Reinvent Technology Partners Stock waiting for?
Reinvent Technology is a SPAC that Reid Hoffman, cofounder of Microsoft’s LinkedIn and Zynga cofounder Mark Pincus, has backed. It announced on Wednesday that it will merge with Joby, a combination valued at $6.6 billion. Reinvent marketing technology Partners Stock The new Joby Aviation will receive $1.6 billion gross proceeds to help bring its product to market.
Joby spent over a decade designing an electric crewed passenger plane capable of vertical takeoffs or landings. To date, the company has flown over 1,000 test flights and plans to start service in 2024. Although the aircraft will not fly long distances and replace the airline industry, it could be a more comfortable way to get to the airport.
Joby will receive a public currency and the cash it requires to finance development of its factory measuring 450,000 square feet with support from Toyota Motor. Uber Technologies is also an investor in Joby. Last hectic december, Joby purchased an Uber unit that was developing delivery and air taxis.
What now ?
It is still a Reinvent Technology Partners Stock business and it will take at least three more years to get its business up and running. There are many things that could go wrong. Joby is still a long way from its conception and development as well as in obtaining regulatory approvals from the Federal Aviation Administration.
Joby is a good candidate to be part of the future if it involves air taxis flying above congested roads. Anyone interested in purchasing in to future-focused companies would be wise not to invest in Joby unless it is a small portion of a well-diversified portfolio.
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