It looks like Ford (F) wants to cut some of its losses with Rivian (RIVN). According to sources, the legacy automaker plans to unload 8 million shares of the previously high-flying electric truck maker after the expiration of its insider lockup for the stock expired on Sunday.
Ford currently owns 102 million shares of Rivian, which have been under insider lockup since the company’s IPO late last year. The lockup is designed to prevent early investors and company insiders from selling newly-listed shares of a company for a period of time after its IPO.
JPMorgan Chase (JPM) is also planning to sell between 13 million and 15 million of its Rivian shares to an unknown buyer at a price of $26.90 per share.