As the lock-in period after the IPO of the electric vehicle manufacturer expires on Sunday, a large number of rivian shares may pour into the market. According to Seeking Alpha, Ford is one of the companies that will sell some shares. Ford plans to sell 8 million of its 102 million shares.
Rivian's share price has been falling since its successful IPO last November.
Rivian went public on November 10 at $78 a share. A few days later, the share price even soared to $179. The share price recently closed at $28.79, down 84% from a higher point.
Another unnamed investor will sell 13 million to 15 million shares.
Ford reported a net loss of $3.1 billion in the first quarter due to a sharp decline in the valuation of its rivian shares. Ford said the investment suffered a market value loss of $5.4 billion.
Coincidentally, Amazon reported its first quarterly loss since 2015, a large part of which also came from the loss of the value of the company's stock investment in rivian, worth $7.6 billion.