Topic: stock

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.