Rivian stock down on 75M share sale, pre-announces Q2 revenue

Rivian stock experienced a decline following the company's announcement of a share sale involving 75 million shares. This financial move is valued at $1.5 billion. In addition to the share offering, Rivian pre-announced its revenue figures for Q2. The market reacted negatively to these developments, leading to a drop in the company's stock price as investors processed the impact of the massive share issuance and the preliminary second-quarter financial results reported by the company.