Shares of Rivian Automotive Inc. (NASDAQ:RIVN) are trading lower today in Pre-market trading.
RJ Scaringe Sells $263K Worth Of Stock
Rivian CEO RJ Scaringe sold over 17,450 shares of the company, according to an SEC filing on Friday for $15.1134 each, taking the total value of the trade to over $263,728.
Scaringe had earlier sold over 52,350 RIVN shares on November 13, priced at $16.5966 each, according to SEC filings. This illustrates a trade of over $868,832, taking the CEO's total November stock sales to about $1.13 million.
Scaringe Hails EV Incentive Rollback
Scaringe had recently hailed President Donald Trump's rolling back of the $7,500 EV Federal EV Credit as a positive move, sharing that the rollback "simplifies things" for the automaker, "in the medium to long term." Scaringe added that the move also creates less competition for Rivian.
Elon Musk-Like Pay Package
Recently, Rivian also revealed a pay package for Scaringe, similar to the one approved by investors for Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk. The new package deal could be worth up to $4.6 billion over the next decade and incorporates both profit goals for the automaker and more attainable stock price milestones.
According to Benzinga Edge Stock Rankings, RIVN scores well on the Momentum and Growth metrics, while also boasting a favourable price trend in the Short, Medium and Long term. Sign up today to unlock exclusive insights!
Price Action: RIVN slipped 1.72% to $16.57 in Pre-market trading, according to Benzinga Pro data.
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