Why Rivian Stock Was Down Friday

EV maker Rivian Automotive (NASDAQ: RIVN) has been on investors' radar this week for the wrong reason. While past performance isn't necessarily indicative of future results, the drag Rivian stock has had on the first-quarter earnings reported by Ford and then Amazon may have turned off some Rivian investors. As of 12:42 p.m. ET, Rivian shares were near their lows of the day, down 2.6%.

The big news wasn't today's decline, though. Rivian shares are down 69% year to date, and most of that came during the first three months of 2022. That meant that Ford and Amazon, with large stakes in the electric vehicle start-up, had to adjust the value of the Rivian holdings on their books in what's known as mark-to-market accounting.

Image source: Rivian Automotive.

Source Fool.com