Rivian Wipeout After Breathless Rally May Mean $15 Billion of Lost Value
Why Rivian Stock Crashed Today
Shares of Rivian Automotive (NASDAQ: RIVN) fell 15% on Wednesday, marking the electric vehicle maker’s first negative daily performance since its initial public offering (IPO) on Nov. 10. Rivian tore out of the gates, with its shares soaring as much as 130% above its $78 IPO price. Judging by the sharp decline in its share price today, many investors decided that Rivian had come too far, too fast.