According to CNBC’s David Faber, Ford Motor is selling 8 million Rivian Automotive shares, with the insider lockup for the formerly high-flying electric vehicle producer set to expire on Sunday.
Rivian now has 102 million shares owned by the automaker. According to sources, Ford will sell the stock through Goldman Sachs.
Early investors and corporate executives are unable to sell their shares during the lockup period after a firm has gone public. This guarantees that the IPO proceeds smoothly and that more shares do not overwhelm the market.