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Reuters
Rivian shares tumble below IPO price
Rivian’s shares, which were up during premarket hours, fell as much as 16.5% to $75.13. The drop also comes a day after one of Rivian’s biggest investors, Amazon.com Inc, signed a deal with Fiat and Alfa Romeo carmaker Stellantis NV. Deutsche Bank analyst Emmanuel Rosner said the fall in Rivian shares indicates that investors perhaps assumed Amazon would primarily rely on Rivian vans for its EV fleet and perceived the latest announcement as reducing its opportunity.
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