Rivian founder and Chief Executive Officer RJ Scaringe sold 17,450 shares worth approximately $306,000 on Tuesday, according to a Form 144 filing with the Securities and Exchange Commission.
The sale, executed at an aggregate market value of $305,972, was made pursuant to a Rule 10b5-1 trading plan adopted on June 11, 2025. The shares originated from restricted stock grants that vested in March and May 2025.
The transaction marks Scaringe’s 14th stock sale of 2025, bringing his year-to-date dispositions to approximately 697,322 shares worth roughly $10.3 million.
Two Trading Plans
Scaringe has operated under two separate 10b5-1 trading plans this year. The first, adopted on March 8, 2024, governed sales from January through May. A second plan adopted on June 11, 2025 has governed transactions since September.
Under the earlier plan, Scaringe executed eight sales totaling 571,572 shares for approximately $8.4 million in gross proceeds, primarily through stock option exercises.
The sales occurred at prices ranging from roughly $11.25 to $16.17 per share.
The June 2025 plan has governed six subsequent sales totaling 139,600 shares for approximately $1.9 million, with transactions occurring at lower prices between $14.00 and $17.53 per share.
From $100 Billion to $21 Billion
The Irvine, California-based EV maker went public in late 2021 and saw its shares skyrocket in the first weeks of trading, reaching an all-time high of $179.47 and a market valuation of more than $100 billion after the world’s biggest initial public offering that year.
Despite having just started selling vehicles and reporting little revenue, Rivian briefly ranked ahead of General Motors at $86 billion, Ford Motor Co. at $77 billion, and Lucid at $66 billion.
Since that intraday high in November 2021, Rivian shares have plummeted by 90%.
The stock has gained roughly 27% over the past three months and is up nearly 33% year-to-date.
Shares closed Tuesday at $17.53, giving the company a market capitalization of approximately $21.4 billion.
Morgan Stanley Downgrade
The latest sale comes days after Morgan Stanley downgraded Rivian from Equalweight to Underweight with a $12 price target, citing concerns about the company’s R2 launch into a challenging market and the loss of the $7,500 federal tax credit.
Analyst Andrew Percoco forecast $4.2 billion in free cash flow burn in 2026 and a $2.9 billion adjusted EBIT loss.
Rivian shares closed Tuesday at $17.71, giving the company a market capitalization of approximately $21.7 billion.
