A securities filing shows that the founder and CEO of Rivian bought 41,000 shares of company stock.
According to the latest proxy filing, Scaringe has 11.98 million shares of class A stock and 7.82 million shares of class B common stock. He has 4.3 million indirect shares through a trust and 4,595 indirect shares through an entity.
Rivian shares fell Monday after news of a legal dispute with a seat supplier that puts its Amazon electric van program at risk and Ford disclosed that it has sold another 7 million of its holdings in the company.
A Rivian spokesman wouldn't say why Scaringe was buying the stock now.
Rivian was one of the largest IPOs in US history when it went public in November, with a price that made it one of the largest IPOs of all time. GM's market cap was $86.31 billion, while Ford's was $78.2 billion.
The company's share price reached a high of $179.47 a week later. Rivian's share price has fallen more than 75% since its public market opener due to a combination of general volatility in the market and material disclosures by Rivian.
Ford sold 8 million of its shares of Rivian earlier this month. Rivian shares fell more than 17% after the initial sale. Ford sold another 7 million shares on May 13, pushing its stake below 10%.
Ford no longer has to file a Form D with the SEC if the threshold is below 10%. Insiders that own 10% or more of the company's stock have to report most of their transactions to the SEC within two business days.
Ford will have to file a Schedule 13D report if its stake falls below 5%.
The share price was not at a new low when Scaringe bought his shares, as was stated in the article.
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