CHARGED UP

RJ Scaringe
Founder, CEO
Rivian Automotive

THE MONEY: Startup electric-vehicle builder, with nearly $8 billion in funding since 2009, most of it in past three years. Company is reported to be eyeing an IPO later this year, which if successful would make Rivian OC’s most valuable public company, and make the Irvine-based company the country’s second-most valuable EV maker, behind $625 billion-valued Tesla (Nasdaq: TSLA). Tesla is the world’s most valuable auto company.

THE BOOST: Scaringe’s valuation bump—from $1.5 billion to $5 billion—is, by far, the largest increase for those on our Wealthiest list this year. An argument could be made that we are well below the true mark of his wealth. Estimates largely depend on two big ifs: if Rivian approaches the $70 billion valuation figure being floated in reports touting its forthcoming IPO, and if Scaringe’s stake in the company he founded is in the neighborhood of what Elon Musk owns in Tesla (roughly 20%), then a figure approaching $14 billion is possible.

THE ESTIMATE: We’ve used a more modest $25 billion valuation for Rivian that was cited by business press earlier this year as our baseline. Expect next year’s valuation for Scaringe to also see the biggest move on our list, up or down, after the company shines more light on its ownership structure upon going public.

THE BACKERS: Ford, T. Rowe Price, Soros Fund Management, Fidelity Investments, Cox Automotive, BlackRock and Amazon, the latter of which has plans for some 100,000 of its electric-powered delivery trucks. Initial deliveries to Amazon have begun and Scaringe has teased that Rivian is nearing mass production of the trucks.

COMING SOON: First releases for the public, an electric-powered pickup truck and SUV, expected soon. See page 4 for more. Scaringe has reportedly decamped from his home near Irvine to be closer to the company’s production facilities in Illinois to ensure the company meets its deadlines for mass production.

TESLA’S REACH: Both startups and traditional automakers are hoping to become the next Tesla, whose shares have more than doubled in the past year. The company’s valuation far exceeds those of more established automakers.

THE MOVE: Rivian moved its headquarters to Irvine last year, and is adding hundreds of new positions for multiple facilities it occupies here. “The technology that moves our vehicles, and the experiences that move our customers, are developed here,” the company says.

QUOTABLE: “Our teams are working hard to ensure our vehicles, supply chain and production systems are ready for a robust production ramp up.”

+233%
• NET WORTH: $5 billion
• LAST YEAR: $1.5 billion
• RESIDENCE: Irvine area
• SOURCE OF WEALTH: stake in Rivian