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Amazon Loses Nearly $1B on Rivian Investment
Shares of Rivian Automotive Inc. suffered the worst week since going public, following the electric-vehicle (EV) maker’s recent earnings report. That selloff has been especially impactful for Amazon, one of Rivian’s most high-profile corporate investors.
Amazon.com Inc. is Rivian’s largest shareholder, with a stake of about 158.4 million shares, or 16.6% of the shares outstanding. Last week’s selloff in Rivian’s lowered the value of Amazon’s investment by $986.6 million. And the stock’s 55.8% drop year to date has shaved about $2.05 billion off the value of Amazon’s investment.
In November 2023, Rivian ended its exclusivity deal with Amazon to provide electric, last-mile delivery vans. The Amazon-backed company recently announced plans to open a long-term space at 1001 Bellevue Square, following a pop-up location in Seattle. Rivian also signaled it would begin layoffs as the company plans to reduce its salaried staff by 10%.
