Electric vehicle maker Rivian, which is yet to record any significant revenue, surged on its Nasdaq debut, with an opening market value of more than $100bn, greater than General Motors & Ford. The latter of which owns a 12% stake in Rivian.
More details🧐 Rivian shares were priced at $78 for its IPO, but opened at $106.75, 37% higher than its IPO price! This is the biggest U.S. stock market debut since Faceb, sorry, Meta, went public in 2012.
Why is this important🤔 The Tesla hype is real…& apparently contagious. As economies transition to clean energy vehicles, investors are riding the wave surrounding EV companies, eager to invest in a company some believe can reproduce the kind of success Tesla enjoyed since its own IPO.