Ford Motor Co. has unloaded another 7 million shares of electric-vehicle startup Rivian Automotive Inc.'s stock.
That's according to regulatory paperwork filed Friday, and follows Ford selling 8 million shares earlier last week for $214 million. Between the two sales, Ford's stake in Rivian sits just below 10%. At the time of Rivian's initial public offering in November, Ford had a 12% stake in the company.
In this latest transaction, Ford sold the 7 million shares for $26.88 each, for a total of roughly $188.2 million. Ford's move followed the end of the insider lockup for Rivian's stock after the startup's IPO, which was the largest IPO of the year and raised about $12 billion.
