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Bloomberg
Ford Motor sold more shares of Rivian Automotive Inc, offloading more than $400 million worth of stock in the electric car maker since the end of a lockup this week.
The US automotive giant sold 7 million shares of Rivian stock at $26.88 each on Friday, according to a filing, cutting its stake in the company to nearly 87 million shares. The transaction follows the sale of 8 million Rivian shares at $26.80 apiece, after selling restrictions on certain insiders and investors ended.
Ford had invested $1.2 billion in Rivian and saw the value of its stake surge in wake of EV maker’s public debut, the largest in the US last year.