RJ Scaringe acquires $ 1 million Rivian stake in TechCrunch

Rivian co-founder and CEO RJ Scaringe bought 41,000 shares of the company for about $ 1 million. presentation of securities Shows were posted on Monday afternoon.

Scaringe now has 169,175 direct shares at $ 4,205,690, based on Monday’s closing price. He owns 4.3 million indirect shares through the trust and 4595 indirect shares through the LLC.

The purchase comes after Rivian shares hit a new low on Monday following rumors of a lawsuit with a seat supplier that jeopardizes its Amazon electric van program և Ford reveals it has sold its 7 million shares in the company.

A spokesman for Rivian declined to comment on why Scaringe was now buying the shares.

Rivia made its debut as a public trading company In November, it opened at $ 106.75, making it one of the largest IPOs in US history, raising its market capitalization from GM, as well as Ford. (At the time, GM’s market capitalization was $ 86.31 billion, and Ford’s $ 78.2 billion).

One week later, the company’s shares reached $ 179.47. However, due to general market volatility և Rivian’s combination of material disclosures has resulted in its share price falling by more than 75% since the opening of its public market.

Ford, which owned 12% of Rivian, or about 102 million shares, sold 8 million shares of the company earlier this month. That initial sale, he suggested Rivian shares will fall more than 17%. Ford sold on May 13 7 7 million sharespushing its total share below 10%.

That “below 10%” threshold means that Ford no longer has to submit to the US Securities and Exchange Commission. According to SEC rules, the “insiders” are that owns 10% or more of the shares They must report to the SEC within two business days most of their company equity transactions in 3, 4 or 5 volumes.

As a true owner, Ford still has to submit a Schedule 13D report, which is required within 10 days of the transaction, before its stake drops below 5%.