R.J. Scaringe's Rivian Stocks
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CNBC - Rivian shares popped 57% in their first two days on the Nasdaq, giving the company a market cap of almost $105 billion. R.J. Scaringe, who founded Rivian in 2009, owns 17.6 million shares, valued at $2.2 billion, based on today's closing stock price of $122.99. In Scaringe's letter to shareholders in the IPO prospectus, Scaringe said that in 2012 he moved away from an effort to build an “efficient sports car” and started focusing on how to “maximize impact”: “We began thinking about the truck, SUV, and crossover segments as they presented a massive opportunity for us to demonstrate how a clean sheet, technology-focused vehicle could eliminate long accepted compromises,” Scaringe wrote. “We wanted to establish our brand by delivering a combination of efficiency, on-road performance, off-road capability, functional utility, and product refinement that simply didn’t exist in the market.”
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