Shares of Rivian Automotive Inc. plunged 21 percent as some early stakeholders get their first chance to unload shares on Monday. The shares closed Monday at $22.78.
Selling restrictions on certain Rivian insiders and investors ended on Sunday, freeing up a sizable chunk of the EV maker’s float for public trading. The stock had already collapsed 82 percent from its November high through Friday. Now, the focus turns to the company’s two most prominent corporate backers -- Amazon.com Inc. and Ford Motor Co. -- and whether they start reducing their stakes.
About 720 million Rivian shares are estimated to have become eligible for sale as the market opened. The company had a float of about 182.5 million shares as of April 11, according to Bloomberg data. Amazon owns about 17.7 percent of Rivian, while Ford owns 11.4 percent.