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HomeTrading NewsChina Property Plunge Worsens as Shimao Deal Raises ‘Red Flag’

China Property Plunge Worsens as Shimao Deal Raises ‘Red Flag’

TechCrunch

Space Florida’s incredible shrinking Rivian stake

Until last year, Space Florida, the state’s economic development agency for aerospace, believed that it owned 3% of Rivian as a result of a canny lease-back agreement made a decade earlier. Following Rivian’s blockbuster IPO in November, that stake would have been worth nearly $3 billion based on Rivian’s current market capitalization — a more than 1,000-fold return on Space Florida’s investment. Instead — and through a mechanism that neither the agency nor Rivian can explain — Space Florida has ended up holding just 60,000 shares in the company, worth less than $7 million, public records from the agency show. In 2009, RJ Scaringe founded Mainstream Motors as a spin-out from his father’s R&D firm in Rockledge, Florida.

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