Could Amazon Pull Rivian Stock Even Lower?
Rivian (NASDAQ: RIVN) was introduced to investors with a bang: Its IPO was set at $78 per share, and the stock quickly zoomed to its all-time high of nearly $180. Since then, however, it's been a long and steady decline for the company that has faced supply chain issues, executive departures, and production shortfalls.
On the flip side, Rivian is flush with cash and its vehicles have been highly regarded across the industry, but Amazon's (NASDAQ: AMZN) nearly 18% stake in the company could pose a problem for investors in the future. Let's dig in.
One reason Rivian's stock was held lower last year was that Ford Motor Company (NYSE: F) unloaded nearly all of its 12% stake in the company throughout much of the year. Ford began divesting its stake and sold nearly 91 million shares, leaving itself with a 1.15% stake in Rivian.
Source Fool.com
