Tesla stock drops; Spring Labs raises $14.75 million; ESPN to offer streaming service for $5 a month.
Tesla Inc. stock plummeted again on April 2 following a report that Tesla will not meet its first quarter Model 3 production goals and that Chief Executive Elon Musk will take over Model 3 manufacturing, the LA Times reports. That followed a full week of bad news for Tesla, including a big recall of Model S cars and an investigation into a fatal Autopilot-related crash of a Model X SUV. Tesla shares slid more than 7 percent before recovering to close down 5 percent to $252.48. They have sunk about 19 percent this year.
Los Angeles-based Spring Labs, a startup developing blockchain-based systems that lets lenders, banks and data providers exchange credit data, has raised $14.75M in a seed funding round, Socaltech reports. The funding was led by August Capital, and also included Victory Park Capital, GreatPoint Ventures, Pritzker Group Venture Capital, plus Multicoin Capital, Wavemaker Genesis and Jump Capital.
ESPN's new streaming service is set to launch in April with a lineup of live sports that includes professional baseball, soccer and hockey games, the Hollywood Reporter reports. The Disney-owned sports network revealed on April 2 that ESPN+ will launch on April 12. For $5 per month, subscribers will get access to a lineup of live sports, original programming and an on-demand library.
Technology reporter Eli Horowitz can be reached at firstname.lastname@example.org. Follow him on Twitter @coachhorowitz13 for the latest in L.A. tech news.