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Rivian Tumbles as IPO Lockup Expiration Means Ford, Amazon Can Finally Sell

  • Last year’s hottest IPO now down 87% from November peak
  • Amazon has 18% stake in Rivian, Ford owns 11% of EV maker
Rivian's EV Factory, Constrained by Chips, Is Off to Slow Start
Photographer: Jamie Kelter Davis/Bloomberg
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Shares of Rivian Automotive Inc. sank 21% as some early stakeholders got their first chance to unload shares on Monday. 

Selling restrictions on certain Rivian insiders and investors ended on Sunday, freeing up a sizable chunk of the electric-vehicle maker’s float for public trading. The stock has now collapsed 87% from its November high. 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.