TECH - 'Wow:' Elon Musk Stunned By Reminder Of How Tesla Bull's Optimistic 2021 Rivian Prediction 'Didn't Age Well' | Benzinga

Electric vehicle startups Rivian Automotive, Inc. (NASDAQ:RIVN) and Lucid Group, Inc. (NASDAQ:LCID) are facing a harsh market reality, mirroring the struggles of even industry leader Tesla, Inc. (NASDAQ:TSLA). Their stocks have plummeted, and Tesla CEO Elon Musk couldn’t help but chime in on the situation.

Rivian’s Fall From Grace: A Tesla investor (@alojoh) recently reshared a post by Gary Black, managing partner of the Future Fund (NYSE:FFND), from November 2021. Back then, Black expressed optimism about Rivian, even at a $70 billion market cap, expecting them to produce 150,000 EVs annually by 2024 with $10 billion in revenue.

Source: Y Charts

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However, reality painted a different picture. “Guess this didn't age well. Rivian stock dropped below $9.0 billion, a stock which Gary had bought even for $70B market capitalisation,” the influencer said. Musk simply replied with a surprised “Wow.”