Rivian's stock plunges on report that Ford is selling shares

Rivian's stock plunged Monday as early investors jumped at their first opportunity to sell their shares — including, reportedly, Ford

The 180-day"lockup" period, which prevented insiders and early investors from selling their Rivian shares, expired Monday.

reported on Saturday that Ford, which owns a 11.4% stake in Rivian, plans to sell 8 million of its 102 million shares. JPMorgan Chase plans to sell between 13 million to 15 million Rivian shares on behalf of an unidentified seller, according to . Amazon, which owns 162 million Rivian shares, is the company's largest stakeholder."Rivian is an important partner for Amazon, and we are excited about the future," said an Amazon spokesperson."Putting 100,000 electric delivery vehicles on the road by 2030 is no small feat, and we remain committed to working with Rivian to make it a reality."Ford declined to comment.

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