Shares of Rivian Automotive could be set to flood the market as the post-IPO lock-in period for the electric vehicle maker expires on Sunday.
Ford is said to be one of the companies that will sell part of its stake, according to Seeking Alpha, citing a CNBC report.
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Ford plans to dump 8 million of its 102 million shares, according to the report.
Shares of Rivian Automotive have fallen since its successful IPO in November.
Rivian went public Nov. 10 at $78 per share. The shares even hit $179 a few days later.
AMAZON-BACKED RIVIAN STOCKS JUMP IN FIRST IPO
The shares recently closed at $28.79, down 84% from the peak.
The report went on to say that another anonymous investor would sell 13-15 million shares.
|SHORE||RIVIAN AUTOMOTIVE INC.||28.79||-1.92||-6.25%|
|F||FORD MOTOR CO.||14.21||-0.32||-2.20%|
Ford announced a net loss of $3.1 billion in the first quarter, due to a sharp loss in valuation of its stake in Rivian.
Ford said it incurred a loss of $5.4 billion on its investment.
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Amazon reported its first quarterly loss since 2015, with much of the red ink stemming primarily from the $7.6 billion writedown of its stock investment in Rivian.