Faraday Future may cut electric car racing team to save cash, alt-right social media network raises $1 million on StartEngine, and X Prize extends contest to land on the Moon.

Faraday Future May Cut Electric Car Racing Team to Save Cash

Faraday Future’s Formula E team might be cut to help the financially strapped company save cash, reports The Verge. Faraday Future joined Formula E last summer, just before the start of the third season. It partnered with Dragon Racing, a team run by Jay Penske, the son of famed race team owner Roger Penske.

Alt-Right Social Media Network Raises $1 Million on StartEngine

Alt-right social media network Gab raised $1 million in crowdfunding on StartEngine, reports Venture Beat. The company has seen a surge in investments,

including almost $500,000 in just the last five days, after the public uproar caused by President Donald Trump’s defense of people associating with white supremacist and neo-Nazis.

X Prize Extends Contest to Land on the Moon

X Prize Foundation announced Aug. 16 it was giving the five remaining teams competing in the Google Lunar X Prize extra time to land on the Moon, reports Space News. The teams have until March 31, 2018, to complete all the requirements of the prize, which include landing on the lunar surface, traveling at least 500 meters, and returning video and other data.

Technology reporter Garrett Reim can be reached at greim@labusinessjournal.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.

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