- __[iBye](https://snacks.robinhood.com/newsletters/7q898Mvlp8z02ASmtrNovs/articles/56rsnplNGmPsih967zvoLi/):__ __[Zillow](https://robinhood.com/stocks/Z)__ shares plunged 37% last week after it said it was ending its house-flipping iBuying business, which contributed to a $330M quarterly loss. 
- __[Squid](https://snacks.robinhood.com/newsletters/6tLuNcjhXyEBeNkwvMiSsY/articles/35hA5ZwBVksopzvcj3xqCK/):__ A “Squid Game”-themed crypto coin crashed from $2.9K to nearly zero, after its mysterious creators stole millions from investors while preventing them from selling. BTW: Netflix is [reportedly](https://www.washingtonpost.com/world/2021/11/02/squid-game-crypto-rug-pull/) *not* affiliated with the coin. 
- __[Vax](https://snacks.robinhood.com/newsletters/4zGLBqWUG2iOwwbzKxZZ7J/articles/2AcFWH34zBrFnNObyNcLLD/):__ President Biden is urging large employers to pull a Tyson and make sure employees are fully vaxxed by January 4.

ICYMI

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Michael Burry think there’s not enough appreciation for depreciation. The investor of “The Big Short...

Shares of  are up around 5.3% as of 5:05 a.m. ET, after CEO Dr. Lisa Su unveiled optimistic medium-t...

Amazon Prime Video says it has 315 million monthly active ad viewers

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 fell on Tuesday after it reported a steeper-than-expected loss in its first quarterly earnings repo...

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The overall performance of digital asset treasury firms (DATs) focused on ethereum has been signific...

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SoftBank is moving on from the AI boom’s signature stock to fund an investment in the owner of the A...

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 shareholders voted resoundingly in favor of CEO Elon Musk’s $1 trillion pay package last week, with...

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__Elon's got company(s)...__ __[Tesla](https://robinhood.com/stocks/TSLA)__ no longer has its own lane. American EV startups __Rivian__ and __[Lucid](https://robinhood.com/stocks/LCID)__ have delivered their first models to customers' driveways. Rivian is the __[Amazon-](https://robinhood.com/stocks/AMZN)__ and __[Ford](https://robinhood.com/stocks/F)__-backed e-truck company that plans to go public on Wednesday. It's targeting a *$60B* IPO valuation — just $8B shy of Ford's market cap, though Rivian had zero sales in the first half of 2021. Lucid makes luxury EV sedans and went public in July.

- __Rivian's R1T__ has a range of 314 miles/charge and starts at $68K — a longer range, but pricier than most upcoming e-trucks. It's the first e-truck to reach consumers (sorry, Cybertruck) and has built-in drink coolers.
- __Lucid's Air__ sedan has a range of up to 520 miles/charge, *the longest of any EV sold in the US* (by 100+ miles). The Air starts at $77.4K, but its first orders cost ~$170K — more than any Tesla.

__Channeling Musk energy...__ Like Tesla, both Rivian and Lucid plan to sell directly to consumers (no OG dealers). Tesla's initial strategy was entering at the premium end of the market, then lowering costs as it scaled. Rivian and Lucid will likely take a similar approach. *Also* like Tesla: Rivian plans to build a charging network for owners, which is key to addressing #RangeAnxiety. There’s a reason newcomers are pulling from Tesla’s playbook:

- __Tesla's market cap crossed $1T__ last month, and it's now worth $1.2T — more than the market cap of one __[Toyota](https://robinhood.com/stocks/TM)__, five __[GMs](https://robinhood.com/stocks/GM)__, and six Fords *combined*.
- __US EV sales soared 57%__ in September from last year, and the Biden admin wants to extend the $7.5K EV tax credit and build more public charging stations.

Throwing shade at the Cybertruck [Mlenny/E+ via Getty Images]

Juice

__Doing it once doesn't guarantee doing it big...__ Rivian and Lucid have delivered their EVs. Their bigger challenge now is to *scale*. To catch up, new entrants have to master mass production and survive steep losses. Tesla delivered a record 240K cars last quarter, and made up nearly [80%](https://www.cnbc.com/2021/10/26/americans-are-buying-teslas-not-evs-heres-why-thats-about-to-change.html) of EVs sold in the US last year. Meanwhile, Lucid plans to produce 20K cars next year. But the biggest challenge for EV-only companies like Rivian, Lucid, *and* Tesla could be OG carmakers: GM, __[Volkswagen](https://robinhood.com/stocks/VWAGY)__, and Ford are all mass-producing accessible models.

Move over, Tesla: Rivian and Lucid deliver their first EVs, but the challenge is scaling

__e-Jordans…__ Could be your avatar’s digital kicks. __[Nike](https://robinhood.com/stocks/NKE)__ [filed](https://www.bloomberg.com/news/articles/2021-11-02/nike-files-for-virtual-goods-trademarks-in-footwear-apparel?sref=q3KSFp38) trademarks for virtual shoes, hats, bags, and gear. E-pparel is already big in gaming: __Fortnite__ players spend $1B+ yearly on swag and other in-game purchases, like NFL skins. While __[Facebook](https://robinhood.com/stocks/FB)__ (aka Meta) and __[Microsoft](https://robinhood.com/stocks/MSFT)__ build metaverses for immersive work, gaming, and socializing, the e-pparel market is expected to hit $190B by 2025. __Balenciaga__ and __Louis Vuitton__ already sell e-clothes, and __Gucci__ sold an e-bag for more than it costs IRL.

__Shoot for the moon…__ If you miss, you’ll land among the satellites. Last week, Amazon said it would [launch](https://www.cnbc.com/2021/10/26/verizon-partnering-with-amazon-project-kuiper-satellite-internet.html) its first satellites in 2022 (*unrelated* to Bezos’ __Blue Origin__ rocket biz). Amazon plans to spend $10B to launch 3K+ satellites that beam internet to some of the 4B people who lack web access. __OneWeb__, __[Astra](https://robinhood.com/stocks/ASTR)__, and __[Boeing](https://robinhood.com/stocks/BA)__ plan to build similar-sized satellite networks, and __SpaceX’s__ Starlink is building a network that’s 10X as big. The space satellite market was $66B last year and is projected to double by 2028.

Zoom Out

Stories we’re watching...

__Robux for my avatar…__ Tween-favorite gaming platform __[Roblox](https://robinhood.com/stocks/RBLX)__ posted record revenue in Q2, though user growth is slowing as IRL activities return. FYI: 75% of US kids ages 9 to 12 played Roblox last year. Now it’s focused on becoming a metaverse hub where its 43M users can learn, work, play, shop, and socialize. It’s not alone: Facebook is investing billions in its metaverse, and Microsoft is building meta-like virtual offices and games. We’ll get more on Roblox’s meta game plan when it reports Q3 earnings today. 

__Mickey prison…__ Last quarter, __[Disney’s](https://robinhood.com/stocks/DIS)__ Parks and Experiences biz turned a profit for the first time since the pandemic. But it hasn’t been smooth cruising: This month China locked 30K+ people inside Shanghai Disneyland after a former park-goer tested Covid-positive. Despite movie theater and park reopenings, Disney’s sales haven’t bounced back to pre-pandemic levels. Investors hope that Disney+ will save the day when Mickey reports earnings Thursday. Disney’s streamers (Disney+, Hulu, and ESPN) make up nearly a quarter of its sales, but Disney+ growth is slowing after gaining 110M subs in two years.

Events

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Tesla’s new rivals, meta-Jordans, and more of today’s top Snacks stories

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Pickup trucks accounted for half of the US auto industry’s top 10 best-selling vehicles last year — and the three best-sellers were all pickups

🚘 Tesla’s new rivals

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