Ford and Amazon May Be Selling Rivian Stock

$Rivian Automotive (RIVN.US)$ stock are down more than 20% today due to its initial public offering (IPO)lockup expiration for early shareholders. Today marks 180 days after Rivian's IPO; 180 days is the typical period after which early investors and insiders can sell their shares. Roughly 800 million shares of RIVN stock will be affected by the lockup expiration. However, this doesn't mean all 800 million shares will be sold.
Last Friday, Rivian closed below $30 for the first time since its IPO. Over the weekend,CNBCalso reported that $Ford Motor (F.US)$ planned on selling8 million shares. These shares are being sold through $Goldman Sachs (GS.US)$ and are priced at $26.90 per share.
On top of the Ford sale, $Amazon (AMZN.US)$ may also be selling some of its Rivian stake as well, although this has not been confirmed. Reportedly, $JPMorgan (JPM.US)$ isselling13 million to 15 million shares priced at $26.90 as well. As a result, investors are speculating the seller may be Amazon; the e-commerce giant owns about 158 million shares, or 18%. During earnings, Amazon disclosed a $7.6 billion net loss attributable to its Rivian stake.