Rivian shares have since plunged after its pickup launch was slower than investors expected.
JPMorgan Chase & Co. is also selling a block of 13 million to 15 million shares in the manufacturer for an unknown seller, Faber reported, citing unidentified people. Both blocks are priced at $26.90 — a discount of 6.7 percent to Friday’s close.
Irvine, Calif.-based Rivian is a high-profile, well-funded newcomer to the growing pack of EV manufacturers. The IPO was the sixth biggest in U.S. history, generating more than $13 billion to fund growth. However, Rivian has struggled to ramp production of its products at an existing plant in Normal, Illinois, due to supply-chain pressures.
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