Topline
Shares of electric vehicle maker Rivian rose yet again Friday despite Tesla billionaire CEO Elon Musk pouring cold water on investors’ enthusiasm about the young company, saying it has yet to face its “true test.”
Rivian has been flying high since its blockbuster IPO earlier this week.
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Key Facts
Rivian stock was up more than 4% to around $128 in early afternoon trading, building on its strong gains a day earlier, when it rose more than 22%.
On Wednesday, the electric vehicle maker went public at a $90 billion valuation in the biggest U.S. IPO since Facebook, with its stock price surging nearly 30% to around $100 on the first day of trading.
Tesla CEO Elon Musk on Thursday tweeted that Rivian’s “true test” would be achieving high production and break-even cash flow.
Though he wished the rival electric vehicle maker well, Musk also pointed out: “There…