Plus: RJ Scaringe Is Betting His New Electric SUV Will Make Rivian The Next Tesla |
Good morning,
As ticketing websites face increased scrutiny over high prices, Ticketmaster is getting tough on resellers.The company said it would limit users and ticket brokers to only one account, using verification methods like Social Security numbers and AI screening. In a September lawsuit, the FTC accused Ticketmaster of colluding with resellers to inflate prices, though parent company Live Nation called the allegation “categorically false.” Criticism of the industry has grown as popular concerts like Taylor Swift’s Eras Tour saw astronomical resale prices. The Justice Department sued to break up Live Nation last year.
Let’s get into the headlines, |
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| A gallon of regular gas will cost less than $3 on average for the first time since last December, data from GasBuddy reveals. The decline is largely due to OPEC’s decision to increase oil production, and prices could fall even further, GasBuddy predicts, as demand typically drops in the fall. Forbes has identified the first known federal search warrant asking OpenAI for user data, which was filed by child exploitation investigators with the DHS. Though it’s unclear what specific data the government received, the case is an example of how U.S. law enforcement can use ChatGPT prompts to gather information on users suspected of criminal activity. |
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 | | Rivian CEO RJ Scaringe expects the small SUV R2 to be fully competitive with Tesla’s top-selling Model Y when sales begin early next year. Patrick T. Fallon/AFP/Getty Images |
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| Rivian has had a rocky time since it began selling electric vehicles in 2021. It missed initial volume goals, leading to back-to-back years of weak sales. Then there have been post-COVID parts shortages, inflation, and steel and aluminum tariffs. And now, it’s facing a federal administration that’s no fan of EVs. But CEO RJ Scaringe says he’s more optimistic than ever ahead of the company’s next major product launch: the R2 small electric SUV that will go head-to-head with Tesla’s top-selling Model Y. Rivian is starting up production of the R2, which will be tens of thousands of dollars cheaper and smaller than Rivian’s current R1S SUV and R1T pickup, with U.S. sales to begin in early 2026. It’s priced from $45,000, which is below the current average selling price for all new U.S. vehicles. Rivian will have the capacity to build more than 160,000 R2s annually at its Normal, Illinois factory that currently makes its R1 models and EDV commercial vans that Amazon and other companies use. Rivian’s big bet on R2 comes at a tricky time for the U.S. EV market. Last quarter, carbuyers rushed to get the federal discount before it went away, leading to a surge in sales of battery-powered models, which could eat into future demand. Big automakers such as General Motors are tweaking their EV plans for now; Nissan and Honda are discontinuing some electric models; and Ford CEO Jim Farley said U.S. demand for battery-powered autos could drop by half with the end of federal incentives. |
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| “Rivian needs a hit after two years of declining sales of its pricey R1 pickup and SUV models, and the more affordable R2 looks like its best shot,” says Forbes senior editor Alan Ohnsman. “In fact, it needs to do well to justify investors’ faith in the company, according to auto analyst Ed Kim: ‘I would say the company’s survival depends on the success of R2 as its volume model.’” |
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| Apple is now the world’s second-most valuable company, overtaking Microsoft as increased demand for the latest iPhone sent its stock soaring. The tech giant’s share price closed at an all-time high, despite lagging the overall market this year, as a report showed the iPhone 17 outsold the iPhone 16 by 14% in China and the U.S. within its first 10 days. |
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| WEALTH + ENTREPRENEURSHIP |
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| With legal battles underway between HR software startups Rippling and Deel, their rivalry is playing out in the private market, too. Deel said Thursday it had raised $300 million, boosting the fortunes of its cofounders and making it more valuable than Rippling for the first time since 2022—but Rippling cofounder Parker Conrad is still more than $1 billion richer. OpenEvidence, which offers a ChatGPT-like tool for doctors to stay on top of the latest medical research, announced a new fundraising round that values the startup at $6 billion, up from $3.5 billion in July. It also enriches Daniel Nadler, the CEO and cofounder of the 2025 Forbes AI 50 list member, increasing his net worth by more than 50% to $3.6 billion. |
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| An appeals court allowed President Donald Trump to deploy troops in Portland, Oregon, overturning a lower court ruling. The appeals court ruled that the president has broad authority to determine when federalizing the National Guard is necessary, despite the district court determining Trump did not properly assess the situation. |
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| LeBron James’ 11-year run as the NBA’s highest-player has come to an end, courtesy of the Golden State Warriors’ Stephen Curry, who is expected to haul an estimated $159.6 million in pretax earnings this season. In total, the top 10 earners on Forbes’ 2025 list are set to make $902 million this season before taxes and agents’ fees, a 15% increase over last year’s record total. |
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| Transportation Secretary Sean Duffy said Monday the agency has started the process of reopening solicitations for a contract that had been awarded to SpaceX as part of the Artemis III project to return astronauts to the moon, saying the Elon Musk-led company is “behind schedule.” Duffy said that NASA is looking to complete the mission before the end of President Donald Trump’s term. |
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32% | The share of Americans with a positive view of the economy | |
| 45% | How many viewed housing costs as a “major source” of stress | |
| Less than $50,000 | A majority of adults whose annual income fell into this bracket said grocery prices were a significant stressor |
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| It’s performance review season, and to put your best foot forward, try thinking about your job wins like a storyteller would. Note your biggest accomplishments, and from that list, choose options that fit into a narrative that best conveys your goals. Preparing this ahead of time can not only help make a good impression on your manager, but it also could be more memorable. |
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| GAMES | | QUIZ | | A fake movie poster, likely generated with AI, went viral promoting a film based on a ‘90s children’s show, despite no such film being in the works. Which show is it? | | A. | Barney & Friends | | B. | Wishbone | | C. | Blue’s Clues | | D. | The Magic School Bus |
| | | FRASE BY FORBES |  | Unscramble today’s anagram to solve this hidden phrase!
Stumped? Scroll to the bottom of today’s newsletter for a hint. |
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