Rivian plummets as IPO lockup expired, Ford sells 8 million shares of EV startup

Stock lockup period for some insiders and early investors has expired on Sunday

Rivian Automotive Inc (NASDAQ: RIVN) plunges to the latest low on Monday as the share lockup from the initial public offering has expired, and some early stakeholders are planning to unload shares.

Shares of Rivian dropped more than 20% to $23 a share, adding to significant losses for the year. The stock had already collapsed 82% from its November high through Friday.

Selling restrictions on some early investors ended on Sunday, freeing up a sizable chunk of the electric-vehicle maker’s float for public trading. It is estimated that around 720 million Rivian shares have become eligible for sale as the market opened.