Investors are showing strong interest in Swedish vibe-coding startup Lovable, with unsolicited offers valuing the company at over $4 billion, Read more
Meta-owned Instagram is once again taking inspiration from TikTok by introducing a new feature. This time, users can now play Read more
The U.S. Treasury has uncovered a sophisticated fraud network used by North Korea to target American companies with hackers disguised Read more
Since 2020, iPhone users have been dealing with problems integrating Google Assistant with Waze on iOS. The company has been Read more
Henrik Fisker, the founder of the failed EV startup Fisker Inc., quietly closed down a private charitable foundation set up in late 2021. The foundation, named The Geeta & Henrik Fisker Foundation, aimed to support innovation in various areas like healthcare, education, sustainability, mobility, and more. However, despite its noble intentions, the foundation only managed to give out around $100,000 in grants during its three-year existence.
Rise and Fall of Electric Vehicle Startups
The rise of electric vehicle startups in the 2020s, many of which went public through SPAC mergers, sparked a wave of optimism. Rivian, for example, established its own foundation with a significant stake in the company. While the initial value of the stake was high, it eventually decreased. Nonetheless, the Rivian Foundation continued to make substantial grants and donations.
The Fiskers’ Foundation Journey
The Fiskers set up their foundation in late 2021, around a year after Fisker Inc. went public. They donated company stock worth $4 million to the foundation but did not announce its establishment until 2022. As Fisker’s stock price declined, so did the value of the foundation’s assets. By the time the foundation closed, it had made minimal grants and donations.
Despite the closing of The Geeta & Henrik Fisker Foundation, the couple had other charitable endeavors. They supported various causes, including education and healthcare projects, since founding their EV startup in 2016. Additionally, they donated company stock to a donor-advised fund, a controversial philanthropic tool that allows for tax deductions and privacy regarding fund allocation.
