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Rivian pre-order customers made over $240 million in profit on IPO pop

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Rajiv Patel, an environmental consultant in Austin, Texas, put down a $1,000 deposit on a Rivian electric SUV earlier this year. He has no idea when he’ll get his vehicle, called the R1S, but his down payment is paying off in a very different way.

As a pre-order customer, Patel was able to buy into Rivian’s IPO on Tuesday night as part of the company’s directed share program. He purchased the maximum 175 shares for $13,650 at the $78 IPO price. After the stock popped 29% on Wednesday, Patel’s stake is now worth $17,628.

“When I invest in these companies, I’m always a long hold guy,” said Patel, 45, adding that he invested in Tesla not long after its 2010 IPO and also bought shares in Lucid…



Source cnbc.com

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