Rivian’s shares fell 15% on Wednesday when the electric vehicle maker went public last week, valued at a whopping $ 90 billion.
Rivian stock lost more than 15% in late morning trading to around $ 146 per share.
Shares fell for the first time since a week ago when Rivian went public in the largest US IPO since Facebook.
As of Wednesday, the stock was up 120% from its initial IPO price of $ 78 per share, spurred by strong interest from investors hoping Rivian could become the next Tesla.
Despite Wednesday’s decline, the electric vehicle maker has a market cap of around $ 120 billion – more than auto giants General Motors ($ 92 billion) and Ford ($ 78 billion).
Rivian’s high valuation is testament to massive investor interest in electric vehicles – but the company has virtually no revenue yet.