Rivian Stock Plummeted 11% in Morning Trading

Tiger Newspress2022-05-09

Rivian stock plummeted 11% as Ford planned to offload 8 million shares of EV start-up.

Ford Motor reportedly plans to dump 8M of its 102M-share stake in Rivian Automotive once the struggling EV maker's post-IPO lockup period expires Sunday.

The automaker intends to sell the stock through Goldman Sachs at a time when RIVN's share price has tanked since staging a hot initial public offering last November.

Rivian went public on Nov. 10 at $78 a share – valuing the firm at some $66.5M – and shot up to as high as $179.47 intraday just a few sessions later. However, the stock has run out of juice since then, closing Friday at $28.79 – down 6.3% for the session and 84% from its Nov. 16 post-IPO peak.

Another unnamed investor has hired JPMorgan Chase to sell 13M to 15M RIVN shares once the lockup period ends.

The network said both sales will likely carry a $26.90-a-share asking price, or 6.6% below where Rivian (RIVN) closed on Friday.

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Comments

Aeron2020
2022-05-09
Aeron2020
ok
MoneyCentral
2022-05-09
MoneyCentral
Overvalued and hyped
Brando741319
2022-05-09
Brando741319
Sad
Born to Thrive
2022-05-09
Born to Thrive
Hopefully those hold already sell longago. I see it keep going down them up. [Facepalm]
patrickLai
2022-05-09
patrickLai
Oh no
LIM97
2022-05-09
LIM97
like

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I see it keep going down them up.&nbsp;[Facepalm]&nbsp;","listText":"Hopefully those hold&nbsp;already sell longago. I see it keep going down them up.&nbsp;[Facepalm]&nbsp;","text":"Hopefully those hold already sell longago. I see it keep going down them up. [Facepalm]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062797345","repostId":1150715801,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9062798105,"gmtCreate":1652105593707,"gmtModify":1676535030202,"author":{"id":"3585604372962377","authorId":"3585604372962377","name":"patrickLai","avatar":"https://static.tigerbbs.com/baedd77ad7c3a28da1ae2ecc8b2e88aa","vip":1,"crmLevel":2,"crmLevelSwitch":1},"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062798105","repostId":1150715801,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9062705640,"gmtCreate":1652105103080,"gmtModify":1676535030046,"author":{"id":"3581419265926610","authorId":"3581419265926610","name":"LIM97","avatar":"https://static.tigerbbs.com/6e8b924a13e75ddd5dcb294949bced1f","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":2,"crmLevelSwitch":0},"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062705640","repostId":1150715801,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":125,"commentSize":14,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1150715801"}