Rivian’s Philanthropic Facade: A Scam or a Mirage?
In a shocking move, Rivian has finally revealed the first $10 million worth of grants from its so-called "Rivian Foundation", a philanthropic endeavor that’s been shrouded in secrecy since its inception three years ago. But is this a genuine attempt to make a positive impact, or just a PR stunt to distract from the company’s crumbling stock price?
The list of grantees, which includes 41 organizations, appears to focus on land preservation, conservation, and renewable energy – all noble causes, to be sure. But the real question is: what took so long? And what’s the real value of these grants, considering the company’s equity has shrunk from $643 million to a paltry $98 million?
The largest grant, a whopping $2 million, went to The Nature Conservancy, which is great and all, but what about the other 40 recipients? Most of them received grants ranging from $100,000 to $400,000 – a drop in the bucket compared to the company’s original promise of $643 million.
And then there’s Forever by Rivian, the mysterious entity that was supposed to be the company’s philanthropic arm. But tax filings show that it’s been a black hole, with nearly $25 million moving into the Rivian Foundation in 2023, only to be distributed at a paltry 5% of assets. What happened to the rest of the money? And what’s the point of having a 501(c)(4) social welfare organization if it’s not going to do any actual good?
Rivian’s CEO, RJ Scaringe, has been touting his company’s commitment to sustainability and climate change, but actions speak louder than words. The company’s silence on Forever by Rivian has been deafening, and its tax filings are riddled with inconsistencies and red flags.
So, is Rivian’s philanthropic facade a scam or a mirage? Only time will tell, but one thing is certain: the company’s commitment to giving back is being called into question, and its reputation is taking a hit.
