Rivian's Stock Has Already Had a Wild Week, but the Story Hasn't Changed
Shares of electric vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN) sank Wednesday after rising early in the week on the brief resurgence of interest in meme stocks. As of the close of trading, Rivian was down by about 8.9% from Tuesday's closing price -- but still up about 2% since the end of last week.
This has already been quite a week for followers of meme stocks -- the group of heavily shorted stocks that surged earlier this decade following aggressive promotion by social media personalities and others who hoped to cause short squeezes.
The group had a brief revival on Monday and Tuesday after a Reddit user who came to prominence in the initial run-ups posted on social media for the first time in roughly three years.
Source Fool.com
