Rivian’s stock price fell more than 17% Monday, a drop prompted by a CNBC report that Ford was selling 8 million shares of the EV automaker.
Ford held a 12% stake, or about 102 million shares, of Rivian.
TechCrunch will update the article if Ford responds to a request for comment.
Rivian’s share price reached as high as $179.47 a week later, before coming back down to earth. Rivian shares have fallen more than 75% since its public market opener.
