DEARBORN (dpa-AFX) - Ford Motor Co. (F) sold more than $400 million worth of stock in Rivian Automotive Inc. (RIVN) since the end of a lockup this week.
Ford disclosed in a regulatory filing that it sold 7 million shares of Rivian at $26.88 per share, cutting its stake in the electric car maker to about 87 million shares. The US automotive giant had sold 8 million Rivian shares at $26.80 per share Monday.
Ford had invested $1.2 billion in Rivian. Rivian went public in November 2021 at $78 per share.
RIVN closed Friday regular trading at $26.70 up $2.40 or 9.88%.
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