Electric vehicle maker after its initial two trading days in 2010. TeslaMarket cap was just above $2 billion

R.J. Scaringe is the CEO at EV manufacturer RivianAfter his second day on public markets, he is now worth the same amount as himself.

Rivian shares rose 57% during their first two daysOn the Nasdaq the company’s market cap is almost $105 million. Scaringe is the founder of Rivian, and he owns 17.6m shares. This value, which was based upon Thursday’s close stock price, $122.99, stands at $2.2 Billion.

Scaringe (38) lured investors with his vision of an EV company. It will be sold to consumers and businesses that want to dramatically reduce their dependency on fossil fuels. The letter he wrote to shareholders was published in IPO prospectusScaringe stated that he stopped trying to make a “efficient sports car” in 2012 and began to focus on “maximizing impact.”

Scaringe stated that “We started thinking about the truck and SUV segments because they offered a huge opportunity for us show how a clean, technology-focused vehicle can eliminate long-accepted compromises.” “We wanted to establish our brand by delivering a combination of efficiency, on-road performance, off-road capability, functional utility, and product refinement that simply didn’t exist in the market.”

According to the company, it currently has 55.4400 pre-orders of its R1S SUV/R1T pickup truck as well as a contract for 100,000 electric vans. AmazonIt is expected to reach the 2030 mark. Rivian is already valued at a much higher valuation than other auto companies, so investors are hesitant to trust him with the assembly and delivery of the vehicles. Ford General MotorsThe company has never recorded revenue. Company has not reported revenue, and is expecting less than $1million in Q3.

However, the current surge in EV stock prices is not driven by business fundamentals.

Tesla has been relatively successful. tepid IPO in 2010The EV market has become a haven of speculators. Tesla is the reason. Tesla became public on Thursday at $3.40 per shares, split-adjusted. The company closed Thursday at $1063.51 per share and was one of five U.S. businesses valued over $1 trillion.

Some other sectors in this space are seeing a rapid rise, such as China’s. NioCalifornia’s valuation was at $69 Billion Lucid MotorsAbout $73 Billion four months later hitting the public market

Nio reports third quarter revenues of $1.5 billion. Operating losses were over $150 millions.

Lucid just confirmed last month the first customer deliveries of its $169,000 Air Dream Edition sedan were set to begin. Its presentation to to investorsThe company forecasted a full-year revenue of $97 millions.

Tesla is the one company in the group that has turned into a high-growth, profitable business. However, it trades more like a software manufacturer than a car maker. The charismatic CEO is the main reason for much of this hype. Elon MuskThe richest person in the world, with an estimated net worth close to $300 billion. His Tesla investments are the main reason.

Scaringe has a doctorate in mechanical engineering at the Massachusetts Institute of Technology. He is not as wealthy as Musk. He has an identical ownership structure, which gives him enormous authority.

Rivian has two types of stock, with its Irvine headquarters. Scaringe only owns 1% of the Class A shares. These are those that are held by a wider investor pool and can be traded. However, Scaringe holds 100% of the Class B shares. They each have 10 times as much voting power than Class A shares.

All of this adds up to Scaringe’s 9.5% vote control. Even greater is his veto authority. This is because to implement any significant changes to the Board or the Company’s Bylaws, at least 80% Class B share holders would need to agree with the change.

Scaringe, in addition to having a large equity stake, has the possibility to greatly increase his wealth by if the company does well. The board approved a time-based equity award of 6.8 Million shares and an award for 20.4 M shares. These shares vest in twelve installments depending on the market.

In its prospectus, the company admits that any bet placed on Rivian will be a wager on Scaringe.

The company states that it is dependent upon Robert J. Scaringe’s reputation and services as our founder and chief executive officer. “Dr. Scaringe is a significant influence on and driver of our business plan. If Dr. Scaringe were to discontinue his service due to death, disability or any other reason, or if his reputation is adversely impacted by personal actions or omissions or other events within or outside his control, we would be significantly disadvantaged.”

Scaringe doesn’t just want to generate a profit from his company’s IPO. Rivian’s corporate supporters are holding on to even more money.

Amazon invested over $1.3 billion into Rivian and now owns $19.7 trillion in the company as of Thursday’s closing. The company said in September that its equity investments, including Rivian, were worth a total of $3.8 billion.

T. Rowe PriceRivian is owned by the funds, which owns shares worth more than $16 million. Global Oryx, an affiliate of Saudi Arabia’s Abdul Latif Jamel Companies controls around $14 billion of shares. FordA stake in the company is worth $12.6 million

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