Rivian Falls As Ford Dumps Millions Of Shares
Posted: Tue May 10, 2022 1:22 am
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Rivian Stock Price Falls As Ford Dumps Millions Of Shares
Adding to its prodigious losses - its shares have fallen more than 70% YTD - shares of electric carmaker Rivian continued to tumble on Monday following reports that Ford and another investor are looking to sell their shares at a discount as the company's post-IPO lockup finally expires, allowing insiders to cash out (while their shares are still worth something).
CNBC reported Sunday that Ford is to offer 8 million Rivian shares via Goldman Sachs, while JPMorgan is readying a sale of 13 million to 15 million shares belonging to other insiders.
Rivian shares were down nearly 10% at their peak during the so-called pre-market selloff.
Rivian Stock Price Falls As Ford Dumps Millions Of Shares
Adding to its prodigious losses - its shares have fallen more than 70% YTD - shares of electric carmaker Rivian continued to tumble on Monday following reports that Ford and another investor are looking to sell their shares at a discount as the company's post-IPO lockup finally expires, allowing insiders to cash out (while their shares are still worth something).
CNBC reported Sunday that Ford is to offer 8 million Rivian shares via Goldman Sachs, while JPMorgan is readying a sale of 13 million to 15 million shares belonging to other insiders.
Rivian shares were down nearly 10% at their peak during the so-called pre-market selloff.