New York: The stock of Rivian dropped 13% on Monday as early investors, including Ford, took advantage of the first opportunity to sell their shares.

Rivian’s 180-day “lockup” period, which barred insiders and early investors from selling their shares, ended on Monday. Ford, which owns a 11.4 percent stake in Rivian, plans to sell 8 million of its 102 million shares, according to CNBC.

According to CNBC, JPMorgan Chase plans to sell 13 million to 15 million Rivian shares on behalf of an undisclosed seller. The company’s largest shareholder is Amazon, which owns 162 million Rivian shares.

“Rivian is an important partner for Amazon, and we are excited about the future,” said an Amazon spokesperson. “Putting 100,000 electric delivery vehicles on the road by 2030 is no small feat, and we remain committed to working with Rivian to make it a reality.”

Ford (F) was unavailable for comment.

Because of the reduction in the value of Rivian’s stock, both Ford and Amazon recently disclosed multibillion-dollar first-quarter losses. However, as Rivian’s stock rose, both companies reported even bigger gains for 2021. And both firms’ interests in Rivian are still worth a lot more than they paid for them.

Rivian shares have lost 43% of their value since the end of the first quarter to Friday’s close, implying that Ford and Amazon may face extra costs. Through Friday’s close, the company’s stock was down 84 percent from its post-IPO peak.

“The report of Ford selling 8 million shares is not what any Rivian investor wants to see,” said Dan Ives, tech analyst for Wedbush Securities. “The stock has been a debacle since the IPO. I think you’re seeing with lockup ending, investors are hitting the sell button in a jittery market.”

US stocks, particularly tech stocks, have had a historically terrible start to the year. Rivian, whose stock price rise was fueled by expectations for future earnings rather than present sales, has been particularly badly impacted.

Since last fall, Rivian has only produced 3,600 electric pickup trucks. Investors may also be concerned about Rivian’s first-quarter financial results, which are scheduled to be released after the market closes on Wednesday.

The day after it released its initial financial results after the IPO in December, shares plunged 10%, and another 8% the day after its fourth quarter results in March.

Rivian raised $12 billion in its initial public offering in November, more than any other IPO since Facebook’s launch in 2012. Despite the fact that it had yet to disclose any sales, its stock continued to rise, and within a week it was the world’s third most valuable automaker, trailing only Tesla and Toyota.

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