Why Rivian Stock Dropped Thursday
Rivian Automotive (NASDAQ: RIVN) reported some good news with its third-quarter earnings report last week, and its stock has been on a roll ever since. Up until Thursday, that is. The electric vehicle (EV) maker's shares are still up by about 6% over the past week, but that includes a drop of 5.9% as of 11:10 a.m. ET in Thursday's session.
That decline came after one widely followed Wall Street investor -- billionaire investor George Soros -- revealed he had sold his entire stake in Rivian.
In its recently released Form 13F filing with the Securities and Exchange Commission (SEC), Soros Fund Management showed that during the third quarter, it sold all of the approximately 4.2 million shares of Rivian it had held in the prior quarter. Those shares would be worth about $67 million at the most recent stock price, representing about 1.1% of the fund's portfolio value.
Source Fool.com
