Next week Amazon backed Rivian has its IPO ticker: RIVN
This will be October 10th - they are looking for a valuation of more than $60 Billion, this is close to the value of Ford which incidentally will own 11% of the of the company.
They are the real deal will be competition to Tesla and I expect it won't take long for Tesla to find it way back into the channel.
This will effect the the S & P 500 as it has $1.2 Trillion market cap currently.
Trading today 90% volume after this huge gamma squeeze upward the Swaggy Traders might just move to something new and at $60-70 share its more palatable than $1200 stock. Although options won't be available day one.
No doubt Rivian will be up 30% on its IPO day which will make a company worth a $100 Billion dollars with no revenue, on paper anyway.
I'll be looking to put on risk defined at the money bear spread on good old Teszzler expiring a few weeks out.
Elon now saying he's prepared to pay some tax on his unrealized gains - and has a twitter poll asking IF he should? (Eye Roll) This is nothing more than an announcement. Ark Investments also sold a bunch TLSA as well this week.
Well there you have the insiders are selling at the top.