Why did Aurora Innovation stock boom? CEO floats possible sale t
Self-driving company Aurora Innovation $Aurora Innovation(AUR)$soared 15% after a report that the CEO laid out potential scenarios for the company including a possible sale to Apple (AAPL) $Apple(AAPL)$
Aurora (AUR) CEO Chris Urmson, who co-founded the self-driving firm after running Google's (GOOGL) self-driving car project, was outlining potential scenarios for the company due to worsening market conditions, according to a Bloomberg report, which cited a company memo.
The CEO also outlined taking the company private, spinning off or selling assets or a small capital raise, Bloomberg reported, citing a memo from early last month. Aurora (AUR) has a market cap of $2.43 billion.
Aurora (AUR) confirmed the memo to Bloomberg and said the company is looking at ways to keep competitive in a tough market.
Aurora (AUR) short interest is 3.86%.
Aurora (AUR) went public in November after completing a de-spacing transaction, and the shares have plunged almost 80% since. Aurora competes in the same self-driving tech space as Argo AI, General Motors' (GM) Cruise, Tesla (TSLA) and Google's (GOOGL) Waymo.
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