Amazon has lost nearly $5 billion on Rivian stock in 6 weeks

Shares of Rivian Automotive Inc. RIVN, -9.27% tumbled 12.0% in afternoon trading toward a record low, following Ford Motor Co.’s F, -3.97% disclosure that it sold more than $200 million worth of the electric vehicle maker’s stock. Ford’s share sale came after the lockup agreement in Rivian’s initial public offering expired on Sunday. Meanwhile, ecommerce behemoth Amazon.com Inc. AMZN, -3.13%, which said it held 158 million Rivian shares as of March 31, did not disclose any sales of Rivian shares post-lockup expiration. Perhaps it should have, since the $30.19, or 60.1%, plunge in Rivian’s stock since March 31 means the shares Amazon held has lost $4.77 billion in value since then. Amazon’s stock has dropped 35.0% since the end of March toward a two-year closing low, while the S&P 500 SPX, -1.62% has shed 12.2%.