Third Point Investors Ltd - investor in listed and unlisted companies - Notes that the rate of return on its investment in portfolio company Rivian Automotive Inc is up sharply following the electric truck maker's successful float in New York on Wednesday. Rivian soared in its debut on Wall Street, making the company that has produced less than 200 vehicles worth more than traditional automakers Ford Motor Co and General Motors Co. Rivian raised USD11.9 billion in its initial public offering. Third Point first invested USD10 million in Rivian in January, followed by a subsequent USD167 million investment in the company's convertible note financing in July. Third Point's total investment in Rivian has driven a gross internal rate of return of 640%.
Current stock price: USD30.4
Year-to-date change: up 43%
By Will Paige; willpaige@alliancenews.com
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Third Poi. $ (TPOU)