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Topic: stock

A Rivian electric vehicle on display
New Markets
Wednesday, 7/8, 01:37 AM

Rivian Stock Sinks 18% After a $1.5 Billion Share Sale

  • Rivian shares fell about 18%, their worst day in nearly two years, after the electric-vehicle maker said it would sell 75 million new shares to raise roughly $1.5 billion.
  • The drop wiped out a rally the stock had enjoyed just days earlier on strong quarterly deliveries, a textbook case of how a capital raise can punish existing shareholders.

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