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RJ Scaringe (Rivian Founder) Is No Longer In The Billionaires Club

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eHauler
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Rivian Founder RJ Scaringe had his network drop to $930 million on Thursday after the stock tanked.
www.forbes.com

Rivian Founder RJ Scaringe No Longer A Billionaire After Stock Dip

Scaringe’s net worth has dropped 73% since the electric car maker’s IPO in November.
www.forbes.com www.forbes.com
 
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eHauler
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16 Replies
S

sciencegeek

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Joined Oct 3, 2021
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577 Posts
#2 · 11 mo ago
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who gives a hoot
 
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Canyonero!

Canyonero!

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R1S Adventure (ordered 10/27/21 Est Del 4Q 23), Red Canyon. Genesis GV 60 Mauna Red (bought 9/10/22)
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135 Posts
#3 · 11 mo ago
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Maybe we should start a Go-Fund-Me to help him through these lean times?
 
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J-P (as in plug)

J-P (as in plug)

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#4 · 11 mo ago
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I'll echo the sentiment that I don't care whether or not anyone gets to call themselves a billionaire, but I have started to wonder a bit about how RJ might be holding up mentally and physically. Last week must have been brutal and today's news that they're getting sued by shareholders for the very action that was meant to fix last week's crisis can't be making it better.
www.rivianownersforum.com

Rivian is sued by shareholder after rolling back EV...

Rivian is being sued by a shareholder who claimed the company misled investors in its initial public offering about how it had mispriced its EVs, leading to the price hikes a few days ago...
www.rivianownersforum.com www.rivianownersforum.com
 
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Ogooberdgoober

Ogooberdgoober

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#5 · 11 mo ago
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Got to be resilient to be a company founder/CEO. Elon almost went bankrupt during early years of Tesla.

I think RJ will be just fine…
 
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Chris S

Chris S

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#6 · 11 mo ago
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Rivian shouldn't have gone public yet, and he shouldn't be a billionaire yet, b/c they haven't delivered much of anything yet. Both RJ and Rivian should be richly rewarded if and when they deliver on their vision.
 
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joshtish

joshtish

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#7 · 11 mo ago
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Chris S said:
Rivian shouldn't have gone public yet, and he shouldn't be a billionaire yet, b/c they haven't delivered much of anything yet. Both RJ and Rivian should be richly rewarded if and when they deliver on their vision.
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Eh, I’m not so sure about that. They were just prepping to ramp up manufacturing and having an influx of $12 billion in cash, not debt, is a great way to make sure you succeed at that ramp-up.
 
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Chris S

Chris S

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#8 · 11 mo ago
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Apparently not, looking at what’s happened since. Being public creates a lot of pressure on short term results, often leading companies to do dumb things that hurt them over the long term.
 
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joshtish

joshtish

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#9 · 11 mo ago
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Chris S said:
Apparently not, looking at what’s happened since. Being public creates a lot of pressure on short term results, often leading companies to do dumb things that hurt them over the long term.
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And prior venture capital investors generally push for the IPO as soon as possible, too, in order to cash out on their investment. Maybe they could have secured sufficient debt in order to survive a ramp with likely a lot of operating losses, even if they end up with positive cash-flow. But having $$$ in the bank is better than borrowing it, even though you’re trading private pressure for public pressure.

But I don’t know how this particular sausage was made.
 
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NorthernRivian

NorthernRivian

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#10 · 11 mo ago
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Ogooberdgoober said:
Got to be resilient to be a company founder/CEO. Elon almost went bankrupt during early years of Tesla.

I think RJ will be just fine…
Click to expand...
What will help the stock to begin rebounding is some major positive news investors can bullish on. Entering another key global EV market is one of them and I know Rivian had plans to enter Europe. China would be a good move as well.
 
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Chris S

Chris S

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#11 · 11 mo ago
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joshtish said:
And prior venture capital investors generally push for the IPO as soon as possible, too, in order to cash out on their investment. Maybe they could have secured sufficient debt in order to survive a ramp with likely a lot of operating losses, even if they end up with positive cash-flow. But having $$$ in the bank is better than borrowing it, even though you’re trading private pressure for public pressure.

But I don’t know how this particular sausage was made.
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I think it's short-sighted to push for an IPO that soon, as they left a lot of potential return on the table, unless they thought they could inflate the valuation unrealistically by fleecing investors. Just think if they could have held on another 1-2 years once they got production/sales ramped and legions of loyal, happy customer advocates.

I passed on the IPO b/c I thought it was too soon and they were overvalued for not having proven anything. I initially felt some regret when it skyrocketed, but time has proven my intuition was correct.
 
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NorthernRivian

NorthernRivian

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#12 · 11 mo ago
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Chris S said:
I think it's short-sighted to push for an IPO that soon, as they left a lot of potential return on the table, unless they thought they could inflate the valuation unrealistically by fleecing investors. Just think if they could have held on another 1-2 years once they got production/sales ramped and legions of loyal, happy customer advocates.

I passed on the IPO b/c I thought it was too soon and they were overvalued for not having proven anything. I initially felt some regret when it skyrocketed, but time has proven my intuition was correct.
Click to expand...
Same here. Just been a strategic observe on the sidelines. Over the same time period you would be far better off investing in commodities and typical things that go up during crazy times like these past 2 years.
 
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joshtish

joshtish

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#13 · 11 mo ago
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Chris S said:
I think it's short-sighted to push for an IPO that soon, as they left a lot of potential return on the table, unless they thought they could inflate the valuation unrealistically by fleecing investors. Just think if they could have held on another 1-2 years once they got production/sales ramped and legions of loyal, happy customer advocates.

I passed on the IPO b/c I thought it was too soon and they were overvalued for not having proven anything. I initially felt some regret when it skyrocketed, but time has proven my intuition was correct.
Click to expand...
I don’t necessarily disagree, but I’m also not fully privy to their books or projected revenues. If they were in need of the liquidity, there are only so many options available to you.
 
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TessP100D

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#14 · 11 mo ago
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Chris S said:
Rivian shouldn't have gone public yet, and he shouldn't be a billionaire yet, b/c they haven't delivered much of anything yet. Both RJ and Rivian should be richly rewarded if and when they deliver on their vision.
Click to expand...
Boy that is spot on.
 
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T

TessP100D

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#15 · 11 mo ago
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joshtish said:
Eh, I’m not so sure about that. They were just prepping to ramp up manufacturing and having an influx of $12 billion in cash, not debt, is a great way to make sure you succeed at that ramp-up.
Click to expand...
not sure you have thought that through.
 
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S

Scuppers

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Joined Sep 30, 2021
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#16 · 5 mo ago
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eHauler said:
Rivian Founder RJ Scaringe had his network drop to $930 million on Thursday after the stock tanked.
www.forbes.com

Rivian Founder RJ Scaringe No Longer A Billionaire After Stock Dip

Scaringe’s net worth has dropped 73% since the electric car maker’s IPO in November.
www.forbes.com www.forbes.com
Click to expand...
Did any of us who put are money down on this EV do it to make him rich, and is that what he is looking to be? I think not, but...he is going to do just fine. Just wait for it.
 
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CommodoreAmiga

CommodoreAmiga

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#17 · 5 mo ago
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Scuppers said:
Did any of us who put are money down on this EV do it to make him rich, and is that what he is looking to be? I think not, but...he is going to do just fine. Just wait for it.
Click to expand...
Is $930 million not still RICH????
 
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