Rivian Stock Soars 29% in Its Nasdaq Debut, Topping Ford and GM

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.

Rivian Stock Soars 29% in Its Nasdaq Debut, Topping Ford and GM

Rivian has yet to prove it can compete with the likes of Tesla and General Motors, but investors are snapping up shares anyways, driving the company's stock price up 29% from its debut price on the Nasdaq exchange .

Rivian priced its IPO at $78 per share, above the $72-to-$74 range initially set by the emerging automaker, to raise almost $12 billion. By that measure, the electric truck and van manufacturer's IPO was the largest in the U.S. since Facebook's public-market debut way back in 2012.


Trading under the symbol "RIVN," Rivian's stock price peaked at $119.46 during the day before closing near $101 per share.

At that price, the company's market cap approached $87 billion, according to Nasdaq, blowing past Ford (at about $77 billion) and narrowly topping GM ($86 billion).

Rivian has a busy couple of years ahead of it. The waiting list for its first truck and SUV currently stretches to the end of 2023. Plus, the Irvine-based company still has to deliver thousands of electric vans to its largest investor: Amazon.

Rivian also faces a gender discrimination lawsuit from its former vice president of sales and marketing, Laura Schwab.

Subscribe to our newsletter to catch every headline.

Cadence

Greater Good Health Raises $10M To Fix America’s Doctor Shortage

Keerthi Vedantam

Keerthi Vedantam is a bioscience reporter at dot.LA. She cut her teeth covering everything from cloud computing to 5G in San Francisco and Seattle. Before she covered tech, Keerthi reported on tribal lands and congressional policy in Washington, D.C. Connect with her on Twitter, Clubhouse (@keerthivedantam) or Signal at 408-470-0776.

Greater Good Health Raises $10M To Fix America’s Doctor Shortage
Courtesy of Greater Good Health

The pandemic highlighted what’s been a growing trend for years: Medical students are prioritizing high-paying specialty fields over primary care, leading to a shortage of primary care doctors who take care of a patient’s day-to-day health concerns. These physicians are a cornerstone of preventative health care, which when addressed can lower health care costs for patients, insurers and the government. But there’s a massive shortage of doctors all over the country, and the pipeline for primary care physicians is even weaker.

One local startup is offering a possible answer to this supply squeeze: nurse practitioners.

On Wednesday, Manhattan Beach-based Greater Good Health unveiled $10 million in new funding led by LRVHealth, adding to $3 million in seed funding raised by the startup last year. The company employs nurse practitioners and pairs them with doctor’s offices and medical clinics; this allows nurse practitioners to take on patients who would otherwise have to wait weeks, or even months, to see a doctor.

Read more Show less

Plus Capital Partner Amanda Groves on Celebrity Equity Investments

Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+ Shift.com, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
PLUS Capital​’s Amanda Groves.
Courtesy of Amanda Groves.

On this episode of the L.A. Venture podcast, Amanda Groves talks about how PLUS Capital advises celebrity investors and why more high-profile individuals are choosing to invest instead of endorse.

As a partner at PLUS, Groves works with over 70 artists and athletes, helping to guide their investment strategies. PLUS advises their talent roster to combine their financial capital with their social capital and focus on five investment areas: the future of work, future of education, health and wellness, the conscious consumer and sustainability.

Read more Show less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending