Rivian Automotive Inc investor Soros Fund Administration LLC hopes the Amazon.com Inc (NASDAQ: AMZN)-backed electrical automaker seeks a valuation decrease than the anticipated $80 billion when pricing its preliminary public providing, Bloomberg Information reported on Tuesday, citing the funding agency’s CEO Daybreak Fitzpatrick.
What Occurred: Daybreak, who was talking on the Bloomberg Make investments World Summit in New York, stated the electrical car is a “nice firm” however Soros hopes that “they arrive public just a little bit cheaper than that as a result of we wish there to be a long-term worth play there.”
Rivian, which can be backed by Ford Motor Co (NYSE: F) is reportedly looking for an $80 billion valuation within the IPO. It disclosed an funding by Soros in July 2020 however the measurement of the latter’s stake in Rivian shouldn’t be recognized.
See Additionally: Is The Rivian IPO Inventory A Good Purchase?