Rivian Automotive Insider Sold Shares Worth $820,891

According to a recent SEC filing, an insider at Rivian Automotive sold shares worth $820,891.

The sale comes as Rivian's stock price has been under pressure in recent months, due to concerns about the company's production targets and competition from other electric vehicle manufacturers.

The insider who sold the shares was identified as RJ Scaringe, the company's founder and CEO. Scaringe sold 23,600 shares at an average price of $34.83, for a total value of $820,891. The sale represents about 0.1% of Scaringe's total stake in Rivian.

Rivian's stock price has fallen by more than 50% since the beginning of the year, as investors have grown concerned about the company's ability to meet its production targets. The company has also faced increased competition from other electric vehicle manufacturers, such as Tesla and Ford.

Despite the recent challenges, Rivian remains one of the most promising electric vehicle manufacturers in the world. The company has a strong track record of innovation and has already begun to deliver vehicles to customers. Rivian is also backed by a number of major investors, including Amazon and Ford.

The sale of shares by Scaringe is a sign that the company is facing some challenges, but it is important to note that this is a relatively small sale. Scaringe still owns a significant stake in Rivian and remains committed to the company's long-term success.