Self-driving company Aurora Innovation ( NASDAQ: AUR ) soared 15% after a report that the CEO laid out potential scenarios for the company including a possible sale to Apple ( AAPL ) or Microsoft ( MSFT ).
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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Why did Aurora Innovation stock boom today? CEO floats possible sale to Apple, Microsoft