Bezos-backed electric carmaker Rivian in biggest US float since Facebook
by Dominic Rushe in New York and Jasper Jolly in Lond from Technology | The Guardian on (#5RS8T)
Company was briefly worth over 100bn after flotation, more than Ford or General Motors
The Jeff Bezos-backed electric carmaker Rivian has raised more than $11bn in a stock market sale that briefly valued the company at more than $100bn in one of the world's biggest ever floats.
The share sale on Wednesday was the largest since Facebook in 2012 and valued Rivian higher than Ford or General Motors, even though before the sale the company revealed it had lost more than $2bn since the start of last year and had delivered just 53 vehicles by the end of last month. It plans to deliver 1,000 by the end of the year.
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