Jim Cramer Is 'Very Worried' About Rivian: 'No One's The Next Elon Musk'
Portfolio Pulse from Adam Eckert
Jim Cramer expressed concerns about Rivian Automotive Inc (NASDAQ:RIVN) after the EV company announced a new $1.5 billion offering. Rivian intends to offer $1.5 billion of green convertible senior notes to institutional buyers. Cramer compared the company to Tesla Inc (NASDAQ:TSLA) but retracted his comments, stating that no one's the next Elon Musk. Rivian shares were down more than 22% at the last check and are now on the verge of turning negative for the year.
October 05, 2023 | 9:49 pm
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NEGATIVE IMPACT
Rivian announced a new $1.5 billion offering, leading to a drop in its share price. Jim Cramer expressed concerns about the company's future.
The announcement of a new $1.5 billion offering by Rivian has led to a drop in its share price. This, coupled with Jim Cramer's expressed concerns about the company, could negatively impact investor sentiment and further drive down the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Jim Cramer compared Rivian to Tesla but retracted his comments, stating that no one's the next Elon Musk.
Jim Cramer's comments about Rivian not being the next Tesla could potentially impact investor sentiment towards Tesla. However, as he retracted his comparison, the impact on Tesla's stock price is likely to be neutral in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50