Why Rivian Stock Plunged Today
Shares of Rivian Automotive (NASDAQ: RIVN) fell 15% on Thursday, furthering a downward slide in the electric vehicle maker's share price that began earlier this week.
Rivian certainly made a splash in its public market debut on Nov. 10. Investors quickly bid up the EV upstart's shares to a total market value of over $150 billion, placing its market capitalization nearly as high as industry giants Ford (NYSE: F) and General Motors combined.
But after skyrocketing as much as 130% from its $78 initial public offering (IPO) price, Rivian's stock has shed more than 30% of its value in recent days.
Source Fool.com
