The Strategist

Ford to sell part of its shares in electric car maker Rivian

05/09/2022 - 04:23

Ford will sell 8 million shares in electric car maker Rivian after its stock gets out of the lockup this Sunday, May 8, sources told CNBC.

Richard Truesdell
Richard Truesdell
Ford Motor will sell 8 million of its shares in electric car maker Rivian Automotive, CNBC reported, citing sources. The stock is set to expire on Sunday, May 8, a lock-up period in which it cannot be sold. According to CNBC, Goldman Sachs will arrange the deal.

JPMorgan Chase also plans to sell 13-15 million shares in Rivian to an unknown buyer, the channel said. Both stakes are priced at $26.90 per share.

The value of Rivian shares fell by more than 50% in the first three months of 2022, while it was still growing in the fourth quarter, after the entry into the stock market, reminds the channel. By market close on Friday, May 6, Rivian shares were down $1.92, losing 6.25%. One share of the company was worth $28.79.

Ford declined to comment when asked by CNBC.