n a way of somewhat de-emphasizing the post-IPO performance of many young technology companies, the market value of Rivian, a company that makes electric trucks, officially declined by $330 million on Friday after it had risen dramatically since its listing.
The stock closed Friday at a price of $5.61, unchanged from Thursday’s close. Thursday was the first day of trading since the company was listed on the Nasdaq exchange on Sept. 14. The company, which raised $402 million in its initial public offering, had risen 90 percent on the day of its debut to a market value of about $1.3 billion.
The $330 million decline on Friday comes after a rocky August, when the stock had fallen 44 percent from the $19 it went public at. Investors were concerned about competition from, among others, Daimler and Tesla, with analysts cutting their price targets, with some suggesting that the stock might never truly reflect its potential.
Among the investors who bought shares in the IPO were The Blackstone Group, including Blackstone’s senior managing director Garrett Abbott, who joined Rivian’s board of directors in August, the company said.