This is adding a lot of selling pressure to TSLA stock, sending its price lower.
Musk has been selling the stock at a rapid pace, shedding nearly $10 billion worth of Tesla shares in the last few days. So, it’s quite likely that investors are buying RIVN hoping that it will become the “next Tesla.” Elon Musk’s stock saleĪnother factor that may be influencing the bullishness in RIVN stock is Elon Musk’s ongoing stock sale. There are some differences between the products these two companies make, but they’re both fundamentally riding the EV trend. RIVN, like TSLA, is involved in building electric vehicles. And Rivian is seen as being the next stock to deliver them. Tesla was one of the biggest stock market successes of the last decade, rising 15,985% in 10 years. Comparisons to Teslaīy far the most likely cause of RIVN’s soaring stock price is the fact that the company has been extensively compared to Tesla (NASDAQ:TSLA). In this article, I will explore a few reasons why Rivian is soaring, starting with the most obvious. Media reports that the company has “no revenue” aren’t entirely true, but they aren’t that far off the mark either.
The company is doing pre-orders and collecting $1,000 deposits, but none of these have been published in any of the company’s financial statements yet. That’s truly remarkable because, at least on paper, Rivian has no revenue.
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