Rivian Stock Takes a Nosedive as Ford Sells 8 Million Shares

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  • Rivian's banal terms has fallen to astir $24 per share, pursuing a report from CNBC that Ford would beryllium selling 8 cardinal of its shares successful the company.
  • Ford primitively had an 11.4 percent involvement successful Rivian, equivalent to 102 cardinal shares, and Ford would not remark connected the matter.
  • Rivian banal debuted astatine $78 per stock past November, but has fallen by astir 70 percent this year.

    When electrical motortruck startup Rivian went nationalist past November, its IPO was the biggest for an American institution since Facebook debuted connected the banal marketplace successful 2012, with an archetypal valuation northwards of $77 billion. Since then, Rivian's banal terms has fallen significantly, dropping by 72 percent this year. Now it has plummeted adjacent further aft a report from CNBC that Ford is selling 8 cardinal of its shares successful Rivian.

    A banal lockup period—a magnitude of clip aft an IPO erstwhile aboriginal investors and institution insiders are prevented from selling their shares—expired connected Sunday, and connected Saturday CNBC reported that Ford would beryllium shedding 8 cardinal Rivian shares. Ford antecedently owned astir 102 cardinal shares successful the EV startup, oregon astir 11.4 percent of the company, truthful it volition inactive clasp a sizable involvement successful Rivian. A Ford typical told Car and Driver that “We haven’t been and aren’t presently commenting connected Rivian, including astir CNBC's report.”

    The quality caused Rivian shares to driblet by much than 15 percent to astir $24 per share, according to CNBC. Rivian’s banal had debuted astatine $78 per stock successful November of past year, and aboriginal connected roseate good supra $100 per share. CNBC reports that JPMorgan Chase volition besides beryllium selling betwixt 13 and 15 cardinal shares for an chartless seller. Rivian is expected to study its archetypal 4th results connected Wednesday.

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