Does Rivian's Plunge Create a Great Buying Opportunity?

Everyone might have known that the initial public offering (IPO) lockup period for early investors in Rivian Automotive (NASDAQ: RIVN) was coming to an end. But no one knew whether big shareholders including Ford and Amazon would take the opportunity to sell their shares.

Ford and Amazon have stakes in Rivian representing about 11% and 18% ownership in the electric-vehicle (EV) start-up, respectively. After Ford sold 8 million of its 102 million shares, the stock plummeted this morning. But those companies have their own goals, with Ford being a rival of Rivian, while Amazon is a customer. Today's share drop is the kind of opportunity that investors should like if the underlying business isn't what's driving the move.

The Rivian R1S SUV. Image source: Rivian Automotive.

Source Fool.com