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Ford expects to unload parts of Rivian’s stake: report




Rivian Automotive shares may be ready to flood the market as the lock-in period after the IPO for the electric car manufacturer expires on Sunday.

Ford is reportedly one of the companies that will sell parts of its stake, according to Seeking Alpha, citing a CNBC report.

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Ford plans to dump 8 million of its 102 million share, according to the report.

Rivian Automotive shares have fallen since the successful IPO in November.

Rivian was listed on November 10 at $ 78 per share. The stock even rose as high as $ 179 a few days later.

AMAZON-BACKET RIVIAN SHARES JUMP IN IPO DEBUT

Shares recently closed at $ 28.79, down 84% from the highest.

The report went on to say that another unnamed investor would sell 13 million to 15 million shares.

Ticker Safety Last Change Change%
RIVN RIVIAN AUTOMOTIVE INC. 28.79 -1.92 -6.25%
F FORD MOTOR CO. 14.21 -0.32 -2.20%

Ford reported a net loss of $ 3.1 billion in the first quarter, driven by a sharp loss in the valuation of its stake in Rivia.

Ford said it suffered a $ 5.4 billion loss on its investment.

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Amazon reported its first quarter loss since 2015, with much of the red ink coming mainly from the company’s accounts for a $ 7.6 billion loss in value on its Rivian stock investment.



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