
Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower Monday morning following a report that Ford Motor Co (NYSE:F) is selling 8 million shares of the electric vehicle company.
According to a CNBC report, sources told CNBC’s David Faber that Ford plans to trim some of its Rivian stake after the insider lockup expired over the weekend. Early investors and company insiders are restricted from selling during the lockup period, which extends for a period of time following a company's public debut.