See what you click on FoxBusiness.com.
Shares of Rivian Automotive may be ready to flood the market, as the blockade period after the IPO for the electric vehicle manufacturer expires on Sunday.
Ford is reportedly one of the companies that will sell part of its stake, according to Seeking Alpha, citing a CNBC report.
GET FOX BUSINESS ON THE MOVE BY CLICKING HERE
Ford plans to dump 8 million of its 102 million stake, according to the report.
Shares of Rivian Automotive fell after their successful initial public offering in November.
Rivian went public on November 10 at $ 78 per share. Shares even rose to $ 179 a few days later.
AMAZON-SUPPORTED RIVIAN SHARES JUMP IN IPO DEBUT
Shares recently closed at $ 28.79, down 84% from a high.
The report said another unnamed investor would sell 13 million to 15 million shares.
Ticker Security Last Modified 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 due to a sharp loss in the valuation of its stake in Rivian.
Ford said it had suffered a $ 5.4 billion loss in market value from its investment.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Amazon reported its first quarterly loss since 2015, with much of the red ink coming mostly from the company’s $ 7.6 billion loss account of its investment in shares in Rivian.
Add Comment