Shares of electric vehicle maker Rivian Automotive (NASDAQ:) have been spiraling lower at such a rapid rate that even the company’s most faithful investors are beginning to doubt whether there will be any success in its future.
The Irving, Texas-based startup has lost more than $120 billion in market value in the four months since it went public on Nov. 10, in one of 2021’s biggest, most watched IPOs. The stock priced at $78 ahead of its IPO but skyrocketed to $106.75 when it debuted. Currently trading at $38.05, that’s a shocking reversal from the post IPO buying frenzy that made Rivian the sixth largest IPO in US market history.
In November, investors were confident that Rivian—which has the backing of Amazon (NASDAQ:) and Ford Motor Company (NYSE:), mega cap companies that have a 20% and 12% stake in RIVN respectively—would be one of the most promising startups to