Shares of Rivian continue to move higher after Elon Musk throws shade by skleb1234
Rivian stock was up more than 4% to around $128 in early afternoon trading, building on its strong gains a day earlier, when it rose more than 22%. at a $90 billion valuation in the biggest U.S. IPO since Facebook, with its stock price surging nearly 30% to around $100 on the first day of trading.that Rivian’s “true test” would be achieving high production and break-even cash flow.
Rivian’s massive IPO stands in stark contrast to Tesla, the original electric vehicle disruptor, which went public in 2010 at a valuation of around $1.6 billion. Tesla raised just over $200 million in its IPO, while Rivian raised nearly $12 billion earlier this week.Rivian's lofty valuation highlights the massive investor interest in electric vehicles: The company now has a market value of over $100 billion, despite having virtually no revenue yet. Rivian said in filings that it expects to lose as much as $1.
to Musk in a tweet saying that the “true test” is instead achieving high production and profitable cash flow “without massive government and electricity subsidies on the backs of taxpayers who don't own your cars.”
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