Rivian's top executive, founder, and CEO, RJ Scaringe, went up the shareholder boards today and successfully filed his purchase of another $1 million worth of stocks for the EV company. The CEO already owns almost 170,000 shares on the platform, but a supply of indirect shares from a trust and the LLC puts him in a massive position in the company.
Amazon remains the most significant shareholder with 20 percent shares of the company.
Rivian's RJ Scaringe Files a Stock Purchase Worth $1 Million
(Photo : Phillip Faraone/Getty Images for Rivian)
Tech Crunch reports that CEO RJ Scaringe bought a new set of shares worth $1 million that will go under his name, and it will be what the founder will keep for himself. The recent shares that he bought resulted in as many as 41,000 stocks, and it is a massive venture that he took on, giving him more rights to the company as one of its investors.
The new SEC listing explains how much Scaringe bought for himself, and it will all go under his name. The sale was made official by the SEC filing and Scaringe's shares went up, with his stakes in the company joining the markup.
It adds to a total of 169,175 shares amounting to a whopping $4,205,690 million.
Scaringe has many stocks to his name, but most of them are indirect shares under a trust for as much as $.3 million, and another from an LLC worth 4,595 indirect shares.
Read Also: Rivian to Reorganize its Production for Faster Output, But Some Users Will Have to Wait Longer
RJ Scaringe is One of the Top Individual Shareholders
RJ Scaringe is one of the top individuals that own shares in the company, with other entities not coming close to his almost 170,000 direct stocks on the EV manufacturer. However, it does not beat Amazon with its massive 20 percent stake that amounts to more than $4.9 million, a deal that they made in the past.
Rivian and its Dealings
Many happenings on Rivian focus on the company's shares and stocks for the platform, and it talks about the companies that trusted them and funded its operations to deliver the electric vehicles it promised. One of the top shareholders of the company is still Amazon, with a massive 20 percent stake that promised it an electric delivery van soon.
Another company that has stakes in the startup electric car manufacturer is the Dearborn, Michigan-based automaker, Ford. The company beat General Motors to acquiring stakes in the new startup that promises to bring its electric pickup, as the first in the world.
However, in recent news, Ford decided to sell as much as eight percent stakes of the stocks that they own from Rivian.
Rivian has a lot on its plate now, especially with its recent Q1 2022 report that talked about the many happenings on the platform regarding its performance and losses for this year's start. Now, there is another massive change in the company, and it is with the decision of its top executive and his recent purchase of EV stocks.
Related Article: Rivian to Receive $1.5B State Incentives from Georgia for its Production Facility
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Written by Isaiah Richard
