Why Rivian's Stock Is On the Rebound

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Why Rivian's Stock Is On the Rebound
Five Things You Should Know About Rivian’s Massive IPO
Electric truck maker Rivian staged a mini-revival on the stock market Monday, propelled by the news that George Soros’ investment firm had snapped up nearly $2 billion worth of shares in the company late last year.

Rivian shares climbed more than 12% at one point Monday morning, thanks in part to Soros Fund Management’s Friday disclosure that it had poured roughly $2 billion into acquiring 19.8 million shares of the company in the fourth quarter. The stock gave back some of those gains on Monday afternoon but still ended the day’s trading up more than 6%, at $62.65 per share.

The Irvine-based, Amazon-backed Rivian’s blockbuster November IPO briefly made it the world’s third-most valuable automaker, with a market capitalization that exceeded $150 billion at one point. But the electric truck manufacturer’s stock has since wilted dramatically; its losses have outpaced the broader market’s correction, thanks in part to a missed 2021 production goal. Rivian shares are down roughly 40% in 2022 so far and 65% from their November all-time high of almost $180 per share.

As a result, investors like Soros Fund Management have taken a substantial hit. The investment firm paid about $2 billion to acquire its nearly 20 million shares in Rivian—but since then, the value of its stake has reportedly slipped to less than $1.2 billion.

Besides Rivian, other Los Angeles-based electric automakers makers have also struggled on the markets lately. The likes of Fisker, Faraday Future and Xos are presently down about 64%, 77% and 84%, respectively, from their 52-week highs.

Subscribe to our newsletter to catch every headline.

How Women’s Purchasing Power Is Creating a New Wave of Economic Opportunities In Sports

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

How Women’s Purchasing Power Is Creating a New Wave of Economic Opportunities In Sports
Samson Amore

According to a Forbes report last April, both the viewership and dollars behind women’s sports at a collegiate and professional level are growing.

Read moreShow less
https://twitter.com/samsonamore
samsonamore@dot.la
LA Tech Week Day 5: Social Highlights
Evan Xie

L.A. Tech Week has brought venture capitalists, founders and entrepreneurs from around the world to the California coast. With so many tech nerds in one place, it's easy to laugh, joke and reminisce about the future of tech in SoCal.

Here's what people are saying about the fifth day of L.A. Tech Week on social:

Read moreShow less

LA Tech Week: How These Six Greentech Startups Are Tackling Major Climate Issues

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

LA Tech Week: How These Six Greentech Startups Are Tackling Major Climate Issues
Samson Amore

At Lowercarbon Capital’s LA Tech Week event Thursday, the synergy between the region’s aerospace industry and greentech startups was clear.

The event sponsored by Lowercarbon, Climate Draft (and the defunct Silicon Valley Bank’s Climate Technology & Sustainability team) brought together a handful of local startups in Hawthorne not far from LAX, and many of the companies shared DNA with arguably the region’s most famous tech resident: SpaceX.

Read moreShow less
https://twitter.com/samsonamore
samsonamore@dot.la
RELATEDEDITOR'S PICKS
Trending