Ford is selling 8 million Rivian shares, sources say

Production of Rivian R1T electric pickup trucks on April 11, 2022 at the company’s facility in Normal, Ill.

Michael Wayland / CNBC

Ford engine it is selling 8 million Rivian Automotive shares, with insiders’ freeze for shares of the once-high-flying electric vehicle maker expiring on Sunday, sources told CNBC’s David Faber.

The automaker currently owns 102 million shares of Rivian. Ford will sell the shares through Goldman Sachs, the sources said.

The lockout defines a period of time after a company goes public in which early investors and insiders cannot sell their shares. This ensures that the IPO runs smoothly and does not flood the market with additional actions.

JPMorgan Chase also plans to sell a block of Rivian stock of between 13 million and 15 million to an unknown seller, sources told Faber. Both blocks of shares are priced at $ 26.90 per share.