Why Rivian Stock Crashed Thursday
Rivian Automotive (NASDAQ: RIVN) has been a Wall Street darling among stocks in the electric vehicle (EV) sector recently. Going into today's trading session, Rivian shares were up an astounding 54% over the last six months.
But the stock is getting slammed today. As of 10:25 a.m. ET, Rivian shares had tumbled by 17.2%.
The crash came after the company provided preliminary financial results for the third quarter. Investors reading between the lines were disappointed, and that disappointment was reinforced by another announcement that Rivian was planning to sell $1.5 billion in convertible debt.
Source Fool.com
