Rivian Automotive closed at a new low following a report that Ford Motor is selling 8 million shares of the electric vehicle start-up. A stock lockup period for company insiders and early investors such as Ford expired Sunday and they were able to sell their shares. JPMorgan also plans to sell a Rivian share block of between 13 million and 15 million shares.
ETF Newz Says:
Three ETFs have exposure to Rivian with the SOFI ETF having a weighting of 6.14%. The fund dropped nearly 8% today.
SFYF SoFi Social 50 ETF 6.14%
MEME Roundhill MEME ETF 3.92%
ACES ALPS Clean Energy ETF 3.37%