Stock in Rivian Automotive is falling fast because it seems the start-up has competition in supplying electric trucks to Amazon.com, one of its investors.
Rivian stock resumed its slide Thursday, falling another 11% to about $80. That’s just a hair above its initial public offering price.
On Wednesday, Rivian (ticker: RIVN) stock closed down more than 11% at about $90.01 a share, while the S&P 500 fell 1.9% and the Dow Jones Industrial Average dropped 1.1%. The market weakened as the minutes from the latest meeting of the Federal Reserve’s rate-setting committee, made public Wednesday afternoon, led to expectations for tighter monetary policy to fight inflation.