In 2020, Joby acquired Uber’s air taxi moonshot Elevate as part of a complex deal. Under the terms, Uber offloaded Elevate to Joby Aviation and invested $75 million into the startup. The two companies also expanded an existing partnership. A year later, Joby announced plans to become a public company through a merger with Reinvent Technology Partners, a special purpose acquisition company from well-known investor and LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus.
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