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.
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