Rivian’s (RIVN) Spending Levels Aren’t Sustainable

Rivian (RIVN) drops on news of a $1.5B convertible note offering. RIVN plans to offer $1.5B of “green” convertible senior notes due in 2023 and buyers will have the option to buy an additional $225M in notes. David Trainer discusses this news. He notes that current spending levels aren’t sustainable, and this is no time to be raising capital. He highlights that the competition has plenty of cash to compete. He outlines potential headwinds for RIVN entering 2024. He then goes over what investors should know about automaker stocks. He also looks at Birkenstock, a company which he says has no reason to be public. Tune in to find out more about the stock market today.