Daily Management Review

Elon Musk's 'nightmare' raises $1.3B


American electric car maker Rivian raised $ 1.3 billion, CNN writes. The money was raised by T. Rowe Price, an investment company that owns a stake in Tesla. Rivian was previously called the "nightmare" by Elon Musk.

Eigenes Werk
Eigenes Werk
To attract financing, Rivian chose the funding round procedure, in which a stake in the company is sold to a wide range of investors without going public. The organizer was T. Rowe Price, a long time formerly one of the largest shareholders of Tesla.

In December 2018, the firm reduced its stake in Elon usk’s copany from 10.1 to 5.2 percent. Earlier this year, T. Rowe Price funds continued to sell Tesla shares, getting rid of 92 percent of the remaining share.

The current round of attracting investment was the fourth in 2019. In total, Rivian managed to raise $ 3 billion by the end of the year, including $ 500 million from Ford. Founder and CEO R.J. Scaringe called it "evidence of investor confidence in our company, products and technologies."

Rivian produces two models of electric cars: the R1T pickup truck and the R1S SUV. The company is considered the main competitor to Tesla and its recently presented CyberTruck electric pickup. 

source: cnn.com