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Rivian CEO Defends Valuation: “We’re Not A Car Company. We Don’t Make Cars.”

After newly-public company Rivian eclipsed $100 billion in market cap, CEO RJ Scaringe addressed criticism of the lofty valuation.

“Many are saying that Rivian stock is way too high for a car company,” Scaringe said over Twitter. “Let me clarify something: We are NOT a car company. Car companies, by definition, produce cars.”

Shares skyrocketed after the CEO’s clarification as traders imagined the infinite possibilities of a company whose fortunes are no longer tied to one asset-heavy industry.