Why Rivian Stock Surged This Morning
Rivian Automotive (NASDAQ: RIVN) stock surged this morning, rallying nearly 7.8% at one point during the first hour of trading in the day. Although the electric vehicle (EV) stock gave up some of its early gains, it was still among the few EV stocks that traded in the green around noon on Feb. 17. Barely weeks before Rivian reports its much-awaited quarterly numbers, at least two billionaire investors have revealed they bought a stake in the electric truck manufacturer. The latest revelation comes from Dan Loeb, the activist investor with a net worth of roughly $3.5 billion in 2021.
In its latest 13F regulatory filing, Loeb's hedge fund, Third Point, disclosed an ownership of 4,046,572 shares of Rivian as of Dec. 31, 2021. Its stake was valued at roughly $408 million.
You'll want to note a couple of things here.
Source Fool.com
