Shares of Rivian slide after posting losses for Q1
Rivian posted a loss of $1.6 billion, or $1.77 per share for Q1
By Yashasvini Razdan
Published - May 11, 2022, 07:06 PM ET
Last Updated - Feb 27, 2024, 01:19 PM EST
Shares of Rivian Automotive (NASDAQ: RIVN) fell 13.4%, after Ford Motor (NYSE: F) disclosed in a Form 4 filing late Tuesday that it sold 8 million of the electric vehicle maker’s shares in the open market on May 9, for $26.80, to raise $214.4 million.
Shares of Rivian plunged on Monday as reports surfaced that the share lockup from the initial public offering has expired, and some early stakeholders are planning to unload shares.
Ford disclosed in a Form 4 filing that it had unloaded 8 million Rivian shares on May 9 for $214.4 million, or $26.80 a share. Ford continues to hold around 94 million Rivian shares.
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