Rivian signage at the Nasdaq on their IPO day, November 10, 2011 in New York.
The company’s stock dipped more than 16% on Wednesday afternoon.
Rivian went public last Wednesday in one of the biggest IPOs of the year. The company opened at $106.75 per share on Nov. 10, its first trading day. It closed at $172.01 on Tuesday.
Rivian quickly surpassed the market value of traditional automakers, like Ford ($79.09 billion, as of Tuesday’s close) and General Motors ($90.9 billion). As of…