News Summary

• Rivian founder and CEO RJ Scaringe has transferred a portion of his ownership stake and voting power as part of a newly settled divorce proceeding.
• The change in stock ownership comes at the end of a two-year-long divorce proceeding, court documents show.
• The transfer of shares and options in the settlement cuts his voting power to around 4%.
• The settlement comes at a pivotal time for Rivian.
• The company is banking on the next addition to its lineup — the highly anticipated R2 SUV that has a $45,000 base price — to grow sales.