Offsetting these losses were significant gains in Rivian (RIVN, Financial), a company we invested in as a private later stage growth company that went public in November. After a sharp increase in value following its IPO, we reduced our position and have since bought back shares as they dropped below the IPO price of $78, still well above our cost.
From Daniel Loeb (Trades, Portfolio)'s Third Point fourth-quarter 2021 shareholder letter.
