TL;DR news on Rivian stock at August 27, 2023

Late Monday, the company disclosed that Kimball Musk, Elon's brother, sold $109 million worth of TSLA stock on Nov. Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session. Ideally, the stock market rally would pause or pull back modestly for a few days or even weeks, letting the moving averages catch up and giving leaders a chance to offer new buying opportunities. Barring a major weakening in the overall stock market, IPOs will continue to launch at a steady clip. SPACs aren't your typical IPO stocks. However, this new information that shows Rivian is selling to other fleet customers prior to 2024 suggests that its contract with Amazon has some wiggle room. The company said it will also sell fleet versions of itsR1T electric pickup and R1S electric SUV, which widens the customer base beyond the consumer adventurer that Rivian has been targeting. "However, as has proven the case for TSLA over the past decade plus, the higher the upward spiral of stocks for the EV OEMs, the cheaper capital becomes to fund growth," he said. Read more: Why Southern California is a new EV mecca, with Rivian, Lordstown, and Karma in Irvine As of Oct. Rivian priced its IPO at $78 per share Tuesday evening, well above its expected range of $72 to $74, which was already raised from a prior range of $57 to $62. That makes Amazon the largest shareholder of Rivian, with a stake worth $12.5 billion at its IPO price of $78 per share. The family clearly saw the need to electrify autos, having invested in Rivian years ago. An investment unit of Abdul Latif Jameel, Oryx Global, acquired warrants for Rivian stock in 2018 after loaning the company more than $300 million. Musk reportedly faces a massive tax bill due to an expected windfall as he sells stock options he received instead of a salary in 2012. After it opened trading at $106.75, the stock rose to nearly $120 before closing slightly above $100, a gain of 29 percent. Look for EVgo stock to consolidate and reach a proper buy point before jumping aboard at this stage. Patent documents as well as Scaringe's own comments to TechCrunch show that Rivian plans to launch a range of consumer and commercial products. Energy also weighed on the broader market, pressured by a slip in oil prices following a rise in weekly crude stockpiles.