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The electric car sensation Rivian has had an adventurous start on Wall Street.
Rivian is now the largest American company, measured in market value, which has no turnover. It reports Bloomberg Friday night.
The share costs around 65 percent more than the starting price at the stock exchange listing on Wednesday morning. According to Bloomberg, the price is missing about 25 percent rise, before the company has caught up with Volkswagen in market value.
– It is seriously inconceivable when it does not even have any noticeable income yet, says head of analysis Michael Hewson in CMC Markets, about Rivian’s market value.
Rivian shares are now rising for the third day in a row. The stock is up 5.6 percent at closing time on Friday night.
Musk: – The real test
At closing time on Friday, Rivian has a market value of over 112 billion dollars, after rising around 60 percent since its debut on Wednesday. This corresponds to 973 billion Norwegian kroner, at today’s exchange rate.
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Among car manufacturers in the US, only Tesla now has a higher value than Rivian.
By comparison, two days after the IPO in 2010, Tesla had a market value of two billion US dollars in 2010. Now Rivian CEO RJ Scaringe has a stake in Rivian that alone is worth the same, according to CNBC.
Rivian’s breakthrough on the stock market made Tesla’s CEO and founder Elon Musk turn to Twitter once again:
