Topline
Electric vehicle maker Rivian, which some investors hope could be the next Tesla, went public at a valuation of $90 billion on Wednesday, with shares surging 29% as they commenced trading in America’s biggest initial public offering since Facebook in 2012.
Key Facts
Rivian’s stock, trading on the Nasdaq under the ticker RIVN, opened at around $106 per share, a 36% surge from its initial IPO price of $78 per share.
Within minutes of trading, the stock rose as high as $116 per share, a more than 50% jump from its starting IPO price—before paring back gains and finishing the day at just over
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