Shares of electric-car maker Tesla (NASDAQ: TSLA) dropped nearly 6% in early trading on Wednesday in response to a Bloomberg report last night that upstart e-car rival Rivian is preparing for an IPO.
As of 10:45 a.m. EST today, Tesla stock was down 5.7% on the news.
This electric pickup is made by Rivian, and that could be a problem for Tesla stock. Image source: Rivian.
Source Fool.com