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Rivian launches pricey R2 SUV, cuts 2% staff, CEO earns $403M amid 88% stock drop in 5 years

Market News
17 Jun 2026
24/7 Wall Street
View Source
Bearish
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Rivian introduced the "affordable" R2 SUV priced between $55,000 and $60,000, which many potential buyers find too expensive despite being $20,000 cheaper than its previous models. Shortly after, the company laid off 2% of its workforce but CEO RJ Scaringe did not reduce his pay, receiving a $403 million package. Rivian's stock has plummeted 88% over five years, with significant losses reported in Q1 2024. The CEO maintains control through a dual-class share structure, making him effectively unremovable despite the company's struggles.

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