Ford expected to offload part of Rivian stake: report

Ford expected to offload part of Rivian stake: report

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.

GET FOX BUSINESS ON THE ROAD BY CLICKING HERE

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.

Teleprinter Security Last Switch Switch %
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.

CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS

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.

Leave a Comment

Your email address will not be published.