stronghold It is said to be one of the companies that will sell a portion of its stake, according to Quest Alpha, citing a CNBC report.
Ford plans to divest 8 million of its 102 million stake, according to the report.
Shares of Rivian Automotive have fallen since its successful initial public offering in November.
Rivian went public on November 10 at $78 per share. The shares rose to $179 a few days later.
Shares recently closed at $28.79, down 84% from the rally.
The report added that another unnamed investor would sell between 13 million and 15 million shares.
|ribbon||protection||else||they change||they change %|
|countryside||RIVIAN AUTOMOTIVE INC.||28.79||-1.92||-6.25%|
|F||Ford Motor Company.||14.21||-0.32||-2.20%|
Ford reported a net loss of $3.1 billion in the first quarter, driven by a massive loss in the valuation of its stake in Rivian.
Ford said it incurred $5.4 billion in market losses due to its investments.
Amazon reported its first quarterly loss since 2015, with much of the red ink coming mostly from the company that caused a $7.6 billion loss in the value of its stock investment in Rivian.