By: Diane Benjamin
Interesting Excerpts:
A Saudi family that built its business on gasoline-fueled cars is sitting on an almost $11.5 billion fortune after electric truck maker Rivian Automative Inc. surged on its trading debut in 2021’s biggest initial public offering.
Abdul Latif Jameel, a Jeddah-based group named after its founder and today run by his sons, holds almost 114 million shares in Rivian after investing $303 million into the U.S. company, according to the sale prospectus.
Rivian’s shares rose as much as 53% Wednesday in New York and closed at $100.73, up 29% from their IPO price of $78. It ended its first day as a public company valued at almost $88 billion.
Founder and Chief Executive Officer R.J. Scaringe set up the first iteration of what would become Rivian in 2009 in his home state of Florida. Early work centered around a smaller sports car, which was later shelved in favor of a rugged pickup at the direction of Mohammed Abdul Latif Jameel.
Oops, I forgot that Rivian was a pipe dream in Normal, and would never be successful. Koos pats himself on the back for being a visionary, but if you give away enough of other people’s money, maybe you’ll get lucky once.
So far the naysayers appear to be wrong. That said, I am waiting for Rivian to now pick up their own lawncare expenses.
I’m pretty sure the Town of Normal doing work for them is already over.
It’s officially a done deal. Rivian is now a worldwide economic success story. Rivians current IPO investments is akin to a group of NBA players investing in the Kenny Roger’s Roasters chain. I’m sure everyone cackling today cashed in their IRA’s and savings accounts and went all in on this can’t miss winner. All should revisit the Wolf of Wall Street luncheon scene for a dose a reality. As long as this vehicle mighty-mite is producing five vehicles per day with a group of people that have never worked in the auto industry and can’t deliver on delivery dates, go ahead and bet the house on it and get back to me in five or six years. Stock values go up and down and sideways. Stay in the game long term. don’t cash out at the first sign of trouble and see if you are a billionaire in twenty years. I’m sure Chris and Burgundy matched Abdul’s investment. A sure deal is a sure deal. Musk launched his fourth manned crew last night while Rivian partner Bezo is still figuring out how to enter real space and put his phallic symbol into Earth orbit.
Gotta love Pea’s investment insights from 30-35 years ago. Hope he alerts us when it’s the right time to dig up the cash that’s buried in our back yards and invest for the future
Despite the IPO, Rivian is still not a success until they build cars and sell cars at a profit, and at a price that is competitive without federal tax credits.
According to multiple media outlets, those that pre-ordered Rivian vehicles had the opportunity to participate in the IPO and made millions when the stock debut. I wonder if the order placed by the Town of Normal included purchases of shares in Rivian. If so, where can the investment be found on the Town’s books? What could this potentially mean for a conflict of interest if the Town is a shareholder? Again, assuming they did participate in the IPO…I don’t know if they did or not.
Reece can spend $25000 without Council approval
Remember the .com bubble in the early 2000s? There were a lot of ipos that took off and now many of those companies don’t exist.
This is great. Accountability to stockholders now? I am getting my popcorn ready. Maybe they can increase production to 3 trucks a day now? LOL
The Rivian Electric Truck Problem No One Is Talking About
https://www.reviewgeek.com/101442/the-rivian-electric-truck-problem-no-one-is-talking-about/?utm_term=Autofeed&utm_medium=Social&utm_source=Facebook&fbclid=IwAR3-5Bq5pvtWlHqR-ZFatPtKQiwAZULzVDNvxNgb4YGCooDUKZ43aGPbq30#Echobox=1635191654
I would like to officially encourage all Bloomington-Normal residents who believe strongly in the visionary mission of Mayor Koos to buy lots of Rivian stocks. Although I am not a financial expert, this is kind of a no-brainer for everyone with money to invest. Buy now before the stock soars through the roof and everyone else gets rich. I only wish that my financial situation could allow me to get in on this pending gold mine for investors. Oh well… if you have the money…. buy, buy and buy more of this stock today. You will not regret it!