Rivian climbs following EV maker’s new CEO pay package worth up to $4.6 billion

Shares of EV maker Rivian are up more than 6% on Monday, following the announcement Friday evening that it will award CEO RJ Scaringe a pay package of up to $4.6 billion over the next decade.

The news came a day after Tesla shareholders approved CEO Elon Musk’s $1 trillion pay package, and investors appear hopeful that the incentives will pay off for Rivian stock. Under the tenure of Scaringe, who is also Rivian’s founder, the company’s stock has dropped more than 90% from its peak in 2021.

To earn the full pay package, Scaringe will need to achieve stock price milestones of between $40 and $140, along with other undisclosed targets tied to cash flow and operating profit.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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