Ford Motor Company, an American multinational automobile manufacturer, has announced the sale of 8 million shares of electric carmaker Rivian Automotive for $214 million.
According to the leading automobile manufacturer, the transaction was completed at a price of $26.8 per share as the automaker moved to reduce its risk exposure to the EV maker after Rivian shares slumped in recent times.
Following the completion of the transaction, Ford now owns 93.9 million shares in the California-based company, down from 102 million shares in the American EV maker.
Rivian’s stock closed the day at $22.78 per share, down more than 77.8 percent since the beginning of the year; its current price represents the company’s lowest since its blockbuster IPO in November 2021; since then, its shares have fallen by more than 82.46 percent.
JPMorgan Chase plans to sell a Rivian block share of between 13 million and 15 million shares for an unknown seller at $26.90 per share.
This report’s information was first seen on Reuters; to read more, click this link.
