- Rivian the stock price fell to about $ 24 per share after Fr. CNBC report that Ford will sell eight million of its shares in the company.
- Initially, Ford owned 11.4 percent of Rivian’s shares, equivalent to 102 million shares, and Ford did not comment on the issue.
- Last November, Rivian shares debuted at $ 78 a share, but have fallen about 70 percent this year.
When starting the Rivian electric truck went public last November, its IPO was the largest for the U.S. company since Facebook’s debut in the stock market in 2012 with an initial northbound estimate of $ 77 billion. Since then Rivian the stock price has fallen significantly, down 72 percent this year. Now he has fallen even more after a CNBC report that Ford is selling eight million of its Rivian shares.
The period of blocking shares – the period after the IPO, when early investors and insiders of the company are prevented from selling their shares – expired on Sunday and Saturday This was reported by CNBC that Ford will drop eight million shares of Rivian. Ford previously owned about 102 million shares of startup EV, or about 11.4 percent of the company, so it will still retain a significant stake in Rivian. This was announced by a Ford representative Car and driver that “we have not commented and do not comment on Rivian, including the CNBC report.”
The news led to Rivian shares falling more than 15 percent to about $ 24 a share, CNBC reports. Shares of Rivian debuted at $ 78 a share last November and initially rose well above $ 100 a share. CNBC reports that JPMorgan Chase will also sell 13 to 15 million shares to an unknown seller. Rivian is expected to announce first-quarter results on Wednesday.
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https://www.caranddriver.com/news/a39944267/rivian-stock-ford-sells-8-million-shares/
