Here's How Much Rivian CEO's Stake Is Worth As EV Maker Extends Gains For 2nd Straight Day

Rivian Automotive Inc’s RIVN founder and CEO RJ Scaringe’s stake in the electric vehicle startup is worth $2.16 billion after shares of the company soared about 58% in the first two days of its trading.

What Happened: Scaringe owns 17.6 million shares in the electric vehicle startup that he founded in 2009.

Scaringe owns 1.1% of Rivian’s Class A shares and 100% of the Irvine, California-based Rivian’s Class B shares, the company had revealed in its filings. 

See Also: Here's How Much Ford And Amazon Made On Rivian's Stock Debut

Why It Matters: Rivian has so far delivered only 156 electric vehicles but has secured a higher valuation than legacy rivals Ford Motor Co F and General Motors Co GM. 

In spite of being at a nascent stage in terms of production, Rivian valuation surpassed $100 billion on the first day of trading.

For comparison, GM’s market cap climbed to $89.7 billion on Thursday, while Ford ended the day with a $78 billion market cap.

See Also: Cathie Wood Backs Elon Musk's Stock Sales, Says Tesla Selloff 'Nothing But A Blip,' Wouldn't Buy Rivian At Current Levels

Rivian is currently looking to ramp up production and aims to launch more electric models and build at least 1 million electric cars before 2030.

Investors Ford and Amazon.com Inc AMZN own 13% and 20% stake worth $12.6 billion and $19.7 billion in Rivian, as of Thursday’s close, as per a CNBC report.  

Elon Musk-led Tesla Inc TSLA had a market cap of $2 billion when it was listed in 2010, as per the report.

Price Action: Rivian shares closed 22.10% higher at $122.99 a share on Thursday.

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Photo: Courtesy of Richard Truesdell via Wikimedia