Bubble trouble: Rivian is the latest high flyer to pop on Wall Street

Bloomberg

Skeptics who have long fretted about a speculative bubble in shares of hyper-expensive, unprofitable companies are pointing to this week’s blowup in Rivian Automotive Inc. as the latest sign that the air is leaking out fast.

Rivian, a maker of electric pickup trucks, briefly surpassed Volkswagen AG’s market value after its November initial public offering even before registering any meaningful revenue. As of Friday morning in New York, it’s lost 52% from its peak, wiping out about $75 billion in value.

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