Founder and largest shareholder Tesla Ilon Mask reacted in Twitter for successful primary placement of papers (IPO) The manufacturer of Rivian electric cars, which is called the “nightmare” of the richest man of the world.
“I hope that they will be able to achieve a high level of production and a break-even cash flow. This is a real test,” the Mask’s competitor wrote his wishes. According to him, hundreds of startups for the production of electric cars and cars with an internal combustion engine appeared, but only Tesla became the only American automaker, which over the past 100 years has reached large volumes of production and positive cash flow.
On November 10, Rivian attracted $ 11.9 billion to IPO. The company sold 153 million shares of $ 78 per piece, although it was originally planned to implement 135 million securities at a price of 72-74 dollars. Rivian’s market capitalization is $ 104.9 billion, which exceeded the cost of Ford Motor Company (80 billion dollars). The placement of the automaker papers has become the fourth in terms of the amount of funds raised on the US stock exchanges over the past ten years.
According to the results of the first day of trading, the value of the shares took off by 29 percent of the initial price, up to 108 dollars apiece. At the time of writing paper notes, companies are traded at a premium at $ 122.74.