–
The broad stock market indices in the US opened with a cautious rise on Friday: the S & P500 index rose 0.2 percent, the Dow Jones index rose 0.33 percent, and the Nasdaq index rose 0.27 percent.
Tesla shares fall around two percent on Friday, at the same time as the new Tesla competitor Rivian is on its way to the third day of triumph after listing on Wednesday.
Rivian’s breakthrough on the stock market made Tesla’s CEO and founder Elon Musk turn to Twitter once again:
I hope they re able to achieve high production & breakeven cash flow. That is the true test.
There have been hundreds of automotive startups, both electric & combustion, but Tesla is only American carmaker to reach high volume production & positive cash flow in past 100 years.
— Elon Musk (@elonmusk) November 11, 2021
–
–
“I hope they manage to achieve high production and a cash flow that goes to zero. That is the real test “, he writes on Twitter, after stating that Tesla is the only American car manufacturer that has had a high production volume and positive cash flow for the last 100 years.
Rivian now has a market value of 100 billion dollars, according to CNBC, after rising around 60 percent on the stock exchange since its debut on Wednesday. Among car manufacturers in the US, only Tesla now has a higher value than Rivian.
In comparison, Tesla had a market value of two billion US dollars in 2010, when the company was listed on the stock exchange. Now Rivian CEO RJ Scaringe has a stake in Rivian that alone is worth the same, according to CNBC.
At the same time, the company has barely managed to sell its first cars. The first car was launched in September, and the company plans to launch its first electric SUV in December. The electric car company has heavy investors such as Amazon and Ford behind it, and differs from the competition in targeting electric SUVs and “pickup” cars.
–
According to Financial Times Rivian can collect extreme amounts of capital raised in connection with the listing: Before deductions, the company can collect $ 11.9 billion. Of similar catches, it is reportedly only Facebook that can boast of larger collection in recent times, in what was one of the largest IPOs of all time in May 2012.
Sold shares for 50 billion.
Both Rivian and Tesla have received a lot of attention in the American media this week. But while Rivian has amazed many with the sharp rise in value, the Tesla headlines were dominated by the top executive’s sales stunt and subsequent stock slump.
Elon Musk is said to have sold shares worth around NOK 49 billion during the week, according to Wall Street Journal. The stock has fluctuated sharply in recent days, after the Twitter stunt this weekend, where CEO Elon Musk let Twitter users vote on whether he should sell ten percent of the shares in Tesla. When the deadline for voting expired, the result was clear: Of 3.5 million votes, 57.9 percent of them said yes to the sale. This means that Musk can sell shares worth NOK 180 billion.
The share first fell 15 percent on Monday and Tuesday, while it was unclear whether Musk had started selling any of the shares. The share price picked up somewhat on Wednesday and Thursday.
Industrial giant
Among other stock market news in the US on Friday, the industrial giant Johnson and Johnson received the most attention, after the company announced that it would split into two listed companies: One company with vaccines, drug development and medical aids, and one for cosmetics, dentistry and other consumer-oriented products. .
–
The company’s share rises 1.7 percent on the stock exchange after the news. The Johnson and Johnson names will be retained by the pharmaceutical business, while the name of the consumer-oriented business has not yet been found. The division will be completed within 18 to 24 months, according to the company.
The divorce news from Johnson and Johnson comes just days after General Electric, which was considered the world’s largest company measured in value a few decades ago, announced that the company will be divided into three. General Electric initially rose three percent on the stock exchange, but the share price fell back in the days after the news. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
–
