OC’s Wealthiest 2023: RJ Scaringe

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RJ SCARINGE
FOUNDER, CEO
RIVIAN AUTOMOTIVE

THE MONEY: Startup electric vehicle builder, with over $20 billion in funding since 2009, most of it in past four years. Company’s eagerly awaited IPO in late 2021 was the largest in years for a U.S. company. For a while, company’s $100 billion-plus valuation made it far and away OC’s most valuable public company. Shares have since fallen, to a valuation near $23 billion as of mid-July, good for the No. 3 spot among local public companies. It has seen a boost to its stock the past month following positive news on the production front. Shares are still off over 15% from a year ago.

STOCK HOLDINGS: Scaringe’s modest amount of Class A shares are worth less than $400 million, but he controls all of Rivian’s Class B stock, giving him a 9.2% voting stake in the EV maker, according to the company’s latest proxy statement. The Business Journal’s latest valuation takes into account the latter figure.

POTENTIAL PAYOUT: Stock options he’s due if the company meets certain performance goals could push his wealth close to $14 billion, but those options can’t be exercised until 2030, according to a Bloomberg report from late 2021. The company has ways to go to meet those incentive goals.

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