Ford and another unnamed investor reportedly plan to dump up to 23M Rivian shares

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

CNBC quoted unnamed sources Saturday as saying that the automaker intends 
to sell the stock through Goldman Sachs at a time when RIVN's share price 
has tanked since the firm staged a hot initial public offering last 
November.

Rivian went public on Nov. 10 at $78 a share – valuing the firm at some 
$66.5B – 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. 
Friday's finish represented RIVN's lowest close since the firm went 
public.

Meanwhile, CNBC cited unnamed sources as saying that another unnamed 
investor has hired JPMorgan Chase to sell 13M to 15M of that party's 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.

https://seekingalpha.com/news/3834721-ford-and-other-unnamed-investor-to-
sell-up-to-23-million-rivian-shares