Why Reinvent Technology Partners Stock Is Up Today

Shares of Reinvent Technology Partners (NYSE: RTP) spiked 10% higher on Wednesday morning at the open, after the special purpose acquisition company (SPAC) announced plans to merge with air taxi start-up Joby Aviation. Reinvent Technology is a SPAC backed by Reid Hoffman, co-founder of Microsoft's LinkedIn, and Zynga co-founder Mark Pincus. On Wednesday, it said it would merge with Joby in a deal that values the combination at $6.6 billion, with the new Joby Aviation set to take in $1.6 billion in gross proceeds for use in bringing its product to market.