Rivian Automotive Inc’s (NASDAQ:RIVN) founder and CEO RJ Scaringe’s stake in the electric vehicle startup is worth $2.16 billion after shares of the company soared about 58% in the first two days of its trading.
What Happened: Scaringe owns 17.6 million shares in the electric vehicle startup that he founded in 2009.
Scaringe owns 1.1% of Rivian’s Class A shares and 100% of the Irvine, California-based Rivian’s Class B shares, the company had revealed in its filings.
See Also: Here’s How Much Ford And Amazon Made On Rivian’s Stock Debut
Why It Matters: Rivian has so far delivered only 156 electric vehicles but has secured a higher valuation than legacy rivals Ford Motor Co (NYSE:F) and General Motors Co (NYSE:GM).
In spite of being at a nascent stage in terms of production, Rivian valuation surpassed $100 billion on the first day of trading.
For comparison, GM’s market cap climbed to $89.7 billion on Thursday, while Ford ended the day with a $78 billion market cap.
See Also: Cathie Wood Backs Elon Musk’s Stock Sales, Says Tesla Selloff ‘Nothing But A Blip,’ Wouldn’t Buy Rivian At Current Levels
Rivian is currently looking to ramp up production and aims to launch more electric models and build at least 1 million electric cars before 2030.
Investors Ford and Amazon.com Inc (NASDAQ:AMZN) own 13% and 20% stake worth $12.6 billion and $19.7 billion in Rivian, as of Thursday’s close, as per a CNBC report.
Elon Musk-led Tesla Inc (NASDAQ:TSLA) had a market cap of $2 billion when it was listed in 2010, as per the report.
Price Action: Rivian shares closed 22.10% higher at $122.99 a share on Thursday.
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Photo: Courtesy of Richard Truesdell via Wikimedia
