Ford sold 7 million shares for $188.2 million, or $26.88 per share, according to a regulatory filing Friday.
The sale reduces Ford’s stock to 86.9 million.
On Tuesday, Ford sold about 8 million shares in Rivian, valued at $214 million.
Initial investors in Rivian’s Initial public offering I was able to sell the shares this week as the closing period ended.
Rivian went public on November 10 at $78 per share. The shares even rose to $179 a few days later.
Rivian shares closed at $26.70 on Friday.
Ford reported a net loss of $3.1 billion in the first quarter, driven by a massive loss in the valuation of its stake in Rivian.
Ford said it incurred $5.4 billion in market losses due to its investments.
|ribbon||protection||else||they change||they change %|
|F||Ford Motor Company||13.50||+1.05||+ 8.43%|
|countryside||RIVIAN AUTOMOTIVE INC.||26.70||+2.40||+ 9.88%|
Among the Rivian’s competitors is Ford’s F-150 Lightning electric pickup truck.
In addition, the company is dealing with a supply chain crisis that has affected production.
The electric car maker cut its production scheduled for 2022 in half to 25,000 vehicles.
Reuters contributed to this report.
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