Following reports that Ford was selling 8 million shares of Rivian, the company’s stock dropped more than 17% on Monday. Ford owned a 12.5% interest in Rivian, or around 102 million shares.
The news has accelerated Rivian’s share price drop since its first public offering last year. Rivian became a publicly traded firm in November, with an initial share price of $106.75, making it one of the largest IPOs in US history and putting its market valuation above both GM and Ford.
Rivian’s stock price spiked to $179.47 a week later before crashing back to earth. Rivian’s stock has dropped more than 75% since its first public offering.
