Shares of Ford Motor Company (NYSE: F) declined by 6% on Monday, following reports that the auto giant was selling some of its shares in Rivian Automotive (NASDAQ: RIVN).
Ford is reportedly planning to sell 8 million Rivian shares, according to CNBC analyst David Faber. The lockup period for the electric vehicle (EV) maker's pre-IPO investors expired on Sunday. Ford and other large holders can now freely sell their shares.
Those 8 million shares would be a relatively small portion of the 102 million shares of Rivian that Ford owns. Still, Ford possesses a roughly 12% stake in the EV start-up, and its reported stock sale could be just the first step in the automaker's plans to reduce its holdings in Rivian.
Source Fool.com