Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower Monday morning following a report that Ford Motor Co (NYSE:F) is selling 8 million shares of the electric vehicle company.
According to a CNBC report, sources told CNBC’s David Faber that Ford plans to trim some of its Rivian stake after the insider lockup expired over the weekend. Early investors and company insiders are restricted from selling during the lockup period, which extends for a period of time following a company's public debut.
Ford reportedly plans to sell 8 million of the 102 million shares it currently owns for around $27 per share.
Rivian went public in November at $78 per share. The stock traded as high as $179 before pulling back significantly. Ford reported a net loss of $3.1 billion in the first quarter as a result of the steep decline in the valuation of its Rivian stake.
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RIVN Price Action: RIvian is making new all-time lows on Monday.
The stock was down 16.9% at $23.93 at press time.
Photo: courtesy of Rivian.
