Rivian tumbles mets as Ford offloads 8 million of its shares

Shares of Rivian Automotive sank to a new low following a report that Ford Motor is selling 8 million shares of the electric vehicle start-up.

Rivian’s stock fell 13% to $25 a share upon the report. The stock has fallen 72% this year.

A stock lockup period for company insiders and early investors such as Ford expired Sunday. Ford owned 102 million shares of Rivian.

JPMorgan Chase also plans to sell a Rivian share block of between 13 million and 15 million for an unknown seller, CNBC reports.