A Saudi family that built its business on gasoline-fueled cars is sitting on an almost $11.5 billion fortune after electric truck maker Rivian Automative Inc. surged on its trading debut in 2021\u2019s biggest initial public offering.<\/p>\n
Abdul Latif Jameel, a Jeddah-based group named after its founder and today run by his sons, holds almost 114 million shares in Rivian after investing $303 million into the U.S. company, according to the sale prospectus. <\/p>\n
Rivian\u2019s shares rose as much as 53% Wednesday in New York and closed at $100.73, up 29% from their IPO price of $78. It ended its first day as a public company valued at almost $88 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Saudi family that built its business on gasoline-fueled cars is sitting on an almost $11.5 billion fortune after electric truck maker Rivian Automative Inc. surged on its trading debut in 2021\u2019s biggest initial public offering. Abdul Latif Jameel, a Jeddah-based group named after its founder and today run by his sons, holds almost 114 million shares in Rivian after investing $303 million into the U.S. company, according to the sale prospectus. Rivian\u2019s shares rose as much as 53% Wednesday in New York and closed at $100.73, up 29% from their IPO price of $78. It ended its first day […]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,232],"tags":[],"class_list":["post-449543","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-power-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/449543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=449543"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/449543\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=449543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=449543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=449543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}