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Shanthi Rexaline

Rivian Shares Plunge 23% On Debt Offering, Analysts Divided On Overreaction

Rivian Gary Black Jim Cramer CNBC Patrick T Fallon Future Fund RIVN

A Rivian R1S electric sports utility vehicle (SUV) charges at a ChargePoint, Inc. public EV charging station in Redondo Beach, California. Rivian Selloff way overdone. PATRICK T. FALLON/AFP VIA GETTY IMAGES.

IRVINE, Calif. — Rivian Automotive, Inc. (NASDAQ:RIVN) shares plummeted nearly 23% on Thursday after the electric vehicle maker announced a debt offering. At least one analyst thought it was an overreaction.

What Happened: Commenting on the predicament, Future Fund Managing Partner Gary Black said the selling seems “way overdone.” The conversion of debt into equity may not dilute equity capital by much, the analyst said.

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