• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 days Does Toyota Know Something That We Don’t?
  • 4 days America should go after China but it should be done in a wise way.
  • 10 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 23 hours Even Shell Agrees with Climate Change!
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 13 days Putin and Xi Bet on the Global South
  • 13 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"

Rivian Falls As Ford Dumps Millions Of Shares

Adding to its prodigious losses - its shares have fallen more than 70% YTD - shares of electric carmaker Rivian continued to tumble on Monday following reports that Ford and another investor are looking to sell their shares at a discount as the company's post-IPO lockup finally expires, allowing insiders to cash out (while their shares are still worth something).

CNBC reported Sunday that Ford is to offer 8 million Rivian shares via Goldman Sachs, while JPMorgan is readying a sale of 13 million to 15 million shares belonging to other insiders.

Rivian shares were down nearly 10% at their peak during the pre-market selloff.

Rivian's IPO was a memorable one, and emblematic of the profit-less tech craze that characterized the pandemic-era market. It was the sixth biggest IPO in US history, generating more than $13 billion to fund growth for the EV-maker, unfortunately, the production of its products at its plant in Normal, Illinois has lagged due to supply-chain pressures. Back in March, the company said it expected to produce 25,000 electric trucks and SUVs this year, as the start-up battled through supply chain constraints and internal production snags. That would be just half of the vehicle production forecast to investors last year as part of its IPO roadshow.

Late last month, Amazon and Ford revealed that they had lost a combined $12.3 billion on their Rivian investments.

By Zerohedge.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News