Rivian's IPO was one of the largest.
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Third Point, the hedge fund of billionaire investor Daniel Loeb, scored a $300 million gain from electric-vehicle startup Rivian's blockbuster IPO earlier this month, according to the Financial Times.
Third Point, which has $20 billion under management, won big after making a number of investments over the last year. The person with knowledge of the matter was cited by the newspaper.
The hedge fund invested in Rivian at the time of the IPO, and then switched into shares at the end of the deal. In the first 10 months of the year, third point is up more than 30%.
Third Point did not reply immediately.
Rivian started trading on the Nasdaq in great style on November 10, despite the fact that the company has only delivered a few vehicles and has a huge loss in the first half of the year.
Rivian's shares were priced at $78, giving it a valuation of $65 billion. On the day of the offering, the stock soared as high as $119.46, before closing at $100.73. One of the biggest IPOs of all time was raised by it.
The startup's stock has risen as high as $179 a share before cooling to $119.85 at Tuesday's close.
Rivian has a market cap of over 120 billion dollars, more than Ford or General GM, despite never having any revenue.
The company and its founder and chief executive were praised in investor letters by the man.
He said he was impressed by Scaringe's approach to designing a new type of automotive company.
Rivian's deal with Amazon to supply 100,000 delivery trucks was praised by Loeb. Rivian will be Amazon's end-to-end fleet provider of choice, as they seek to become a dominant player in logistics while being carbon neutral, he wrote.
Amazon was a big winner from the IPO and currently owns 18% of the company. T. Rowe Price and Ford have both seen big gains.
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