Ford CNBC is one of the companies selling a portion of its shares, according to Seeking Alpha, citing the report.
Ford plans to sell 8 million of its 102 million shares, the report said.
Shares of Rivian Automotive fell from its successful initial public offering in November.
Rivian went public on November 10 at $ 78 a share. A few days later the stock rose to $ 179.
The stock recently closed at $ 28.79, down 84% from its high.
Another unnamed investor will sell 13 million to 15 million shares, the report said.
|RIVN||Rivian Automotive Inc.||28.79||-1.92||-6.25%|
|F||Ford Motor Co.||14.21||-0.32||-2.20%|
Ford reported a net loss of $ 3.1 billion in the first quarter, driven by a steep loss in the valuation of its Rivian shares.
Ford said it had suffered a market-to-market loss of $ 5.4 billion in its investment.
Amazon recorded its first quarterly loss since 2015, with the bulk of the red ink coming largely from the company’s account for a $ 7.6 billion loss on the value of its stake in Rivian.
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