Rivian Founder In For $14 Billion Windfall If Stock Triples
- Scaringe becomes a billionaire on automaker’s trading debut
- His options could unlock billions if company hits targets
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A monster pay package for Rivian Inc. founder R.J. Scaringe lies beneath the hood of the electric vehicle-maker’s debut on the public markets.
The Irvine, California-based automaker, which began deliveries of electric pickup trucks only weeks ago, rose 29% in its trading debut Wednesday to close at $100.73 per share, valuing Scaringe’s 1.7% interest at $1.2 billion.