Why Rivian Stock Is Down Today
The stock market has been mixed today, with an early morning surge in the S&P 500 index and the tech-heavy Nasdaq giving up gains as the morning progressed. But even when the market was in the green early today, shares of EV start-up Rivian Automotive (NASDAQ: RIVN) were tanking. After dropping as much as 7% earlier, Rivian shares were down 6.4% as of 11:35 a.m. ET.
Rivian stock has had quite a ride since its initial public offering (IPO) last fall. After more than doubling from its IPO price, Rivian shares are down 40% so far in 2022, and are more than 20% below its $78 IPO price.
Several billionaire investors including George Soros have used that drop as an opportunity to take a stake in Rivian, according to recent filings. But shares are still dropping today, and it may be related to opposition that is growing from the community where it plans to build its second manufacturing facility.
Source Fool.com
