Ford sells 8 million Rivian shares for $214 million

Ford and Rivian

Ford Motor Co. confirmed in a Form 4 filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday that it has sold 8 million of its shares in Rivian (RIVN). Each share was sold for $26.80, netting Ford $214 million.

The selling price is significantly lower than the stock’s all time high of $179.47, and well below the initial public offering (IPO) price of $78. A difficult production ramp and lower than expected deliveries translated into a slide in share prices since the IPO in November 2021.

Ford still has nearly 94 million Rivian shares remaining in its investment portfolio, equating to a 10.5% stake in Rivian. Even with the sale, Ford is still the fourth-largest Rivian shareholder, according to data from Refinitiv. (via Reuters)

T.Rowe Price and Associates is the largest Rivian investor with a 18.2% stake. Amazon is the next largest shareholder with a 17.7% stake in the company.

Ford posted a net loss of $3.1 billion in its Q1 2022 earnings report, due mainly to its investment in Rivian. The two companies were originally planning to jointly develop an EV, but those plans fell apart shortly after Rivian went public.

You can read the Form 4 filing below.

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