Shares of Rivian Automotive (NASDAQ: RIVN) fell 15% on Wednesday, marking the electric vehicle maker's first negative daily performance since its initial public offering (IPO) on Nov. 10.
Rivian tore out of the gates, with its shares soaring as much as 130% above its $78 IPO price. The blockbuster debut quickly made Rivian the third-most valuable automaker in the world, behind only Tesla and Toyota.
But once the excitement surrounding its IPO began to die down a bit, investors began to question whether Rivian was really worth the roughly $150 billion its stock was valued at as recently as Tuesday. Judging by the sharp decline in its share price today, many investors decided that Rivian had come too far, too fast.
Source Fool.com