Rivian Automotive (NASDAQ: RIVN), an electric vehicle (“EV”) startup that has been compared to Tesla, recently went public in an IPO that is said to be the biggest for an American company since Facebook — and the biggest in the world this year. The California-based electric truck maker went public on Wednesday with its shares trading at $78 each, but by the end of its first day as a publicly-traded company, Rivian shares were trading at more than $100, giving the company a valuation of $88 billion. On Thursday, Rivian’s shares went up by 30%, pushing the company’s valuation to more than $100 billion and making the EV maker more valuable than General Motors or Ford, one of its most significant backers.
Despite having sold zero electric vehicles, save for the few that were distributed among its employees, Rivian is now the second-most valuable American company after EV pioneer Tesla. Detroit-based General Motors, which is now less valuable than Rivian, sold more than 6.8 million…
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