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Rivian’s stock tumbles toward a record low on report of Ford’s plan to sell, dragging Amazon down with it

Shares of Rivian Automotive Inc.
RIVN,
-13.69%

tumbled 16.3% toward a record low in premarket trading Monday, after media reports that major shareholder Ford Motor Co.
F,
-1.10%

is planning to a large chunk of its stake in the electric vehicle maker. CNBC reported over the weekend that Ford was selling 8 million shares of Rivian, as the lock-up agreement, which required pre-initial-public-offering investors to hold onto their Rivian stock for at least 180 days, was set to expire on Sunday. The stock was set to open at a price that was about 69% below the $78 IPO price, and 86.0% below the record close of $172.01 on Nov. 16, 2021. Ford’s stock took a 2.7% hit ahead of the open. The selloff in Rivian’s stock also appeared to weigh on the shares of Amazon.com Inc.
AMZN,
-2.15%
,
which slumped 3.2% premarket toward a two-year low. Amazon disclosed recently that it held 158 million shares of Rivian, or 18% of the shares outstanding, as of March 31. Amazon had booked a $7.6 billion loss on its Rivian investment in the latest quarter.

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