GGPI Stock News: Gores Guggenheim edges lower as markets retreat to start the week

NASDAQ:GGPI inched lower on Monday as the global markets started another week on the back foot. Shares of GGPI fell by 0.54% and closed the first trading day of the week at $11.04. It was another tumultuous session for the broader markets as rising energy prices and the ongoing situation in Ukraine weighed on investors. The Dow Jones tumbled by 797 basis points, while the S&P 500 and NASDAQ fell by 2.95% and 3.62% respectively. The S&P 500 fell deeper into correction territory while the NASDAQ has officially hit bear market territory as the tech-heavy index is now 20% off of its recent all-time high prices.

Stay up to speed with hot stocks' news!

Polestar’s largest stakeholder, Volvo, announced that it intends to continue to foster the EV maker’s growth into the future. Volvo owns nearly 50% of the outstanding shares of Polestar, as the Swedish automaker continues to expand its portfolio to meet a new electric standard. Volvo itself also announced five new all-electric vehicles that will be joining its lineup at some point in 2023. Currently, Volvo only has one electric model: the XC-40 crossover, so the announcement is an important one for the automaker as it aims to be entirely electric by 2030.

Gores Guggenheim stock price

Ahead of its planned merger with Gores Guggenheim, Polestar is beefing up its Board of Directors with some heavy Volvo influence. Being added to the board are several executives from Volvo including its new CEO, Jim Rowan. In addition to Rowan, Volvo-parent company and Chinese automaker Geely will have its CEO, Daniel Li, on Polestar’s board as well. Current Polestar CEO is also being appointed as Polestar’s new Executive Director.