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Rivian shares slump more than 16%, bucking post-IPO rally

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Rivian signage at the Nasdaq on their IPO day, November 10, 2011 in New York.

Source: Rivian

Shares of electric vehicle maker Rivian ended a weeklong rally Wednesday, as investors pulled back from a monster run as speculation in the name eased after it surpassed Ford and GM in market value.

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…



Source cnbc.com

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