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Rivian Stock Update
Shares of Rivian (NASDAQ: RIVN) rose 3.7% after being named MotorTrend‘s Truck of the Year but fell 4.2% to $100.76 by 12:20 p.m. ET the following day due to litigation concerns.
Litigation Details
A California judge ordered Tesla (NASDAQ: TSLA) to expedite its lawsuit against Rivian, alleging document theft by former Tesla employees. Tesla must provide a list of claimed stolen documents within 30 days, and Rivian is required to respond regarding the steps taken in response to these allegations initially made in July 2020.
Financial Stability
Rivian raised $11.9 billion in its IPO, likely possessing over $20 billion in cash, which will help finance its legal battle with Tesla while it works on fulfilling a significant number of electric vehicle orders, including 100,000 vans for Amazon.
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