Bank of America Corp. reduced its stake in Rivian by 25.9% during the third quarter, according to a filing with the Securities and Exchange Commission.
The bank sold approximately 4 million shares after holding its largest position in the electric vehicle maker during the second quarter, closing the third quarter with 13.2 million shares valued at $193 million.
Rivian’s share price has increased by about 3% quarter to date, pushing the value of BofA’s stake to about $199 million as of November 15.
In early November, the stock surged more than 20% the day after the company released its third-quarter results.
The bank opened a position in Rivian when the company debuted on Nasdaq exactly four years ago, with 527,752 shares valued at $54.7 million.
On that day, the share price peaked at $179.47 before closing at $119.76. The stock lost 87% of its value since then.
Despite fluctuations, BofA’s stake in the company has increased progressively in the past four years, reaching its peak value in the second quarter of 2025, when it held over 17.7 million shares in the EV maker.
The position was valued at $244 million.
BofA’s Portfolio
In the third quarter, Bank of America held a position in 7,275 companies. The valuation of its portfolio reached $1.2 trillion.
The bank’s most valuable positions are in tech companies Microsoft and Nvidia, which are worth over $36 billion each.
BofA has also slashed its holdings in Tesla, from 25.9 million shares to 19.8 million. The position is worth $8 billion.
In Lucid Motors, on the contrary, the bank increased its stake to 1.2 million shares, which are valued at $17 million.
Institutional Ownership
Data from Nasdaq shows that 858 institutions collectively hold 687 million shares in Rivian.
The EV maker is primarily backed by Amazon, which invested in the company in 2019 and committed to purchasing over 100,000 electric delivery vans until 2030.
Amazon holds 158 million shares in the EV maker since then.
Volkswagen also invested in Rivian late last year, as part of the two companies’ partnership on software development.
As of June 30, Volkswagen held 146 million shares in the EV maker.
Rivian has received the first two $1 billion tranches of the (up to) $5.8 billion investment in the first and second quarters, after reporting a positive gross profit in both periods.
Once — and if — all investment tranches are completed, Volkswagen is expected to surpass Amazon as Rivian‘s largest shareholder.
Vanguard and BlackRock pose as is the following largest institutional investors in Rivian, with updated portfolios of 81.6 million and 51.2 million shares.
Bank of America is the twelfth biggest institution with a stake in Rivian with some institutions yet to report their quarterly portfolio update.
