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- The company's shares debuted last week and saw a five-day hike
ARAB NEWS
RIYADH: The runaway five-day rally in Rivian Automotive Inc. came to an abrupt halt on Wednesday, wiping out over $23 billion from the newly public automaker.
Rivian, an American electric car manufacturer, saw its shares slide by 18 percent to $140.35 per share in New York, Bloomberg reported.
The company's shares debuted last week and saw a five-day hike.
Rivian's stock reduced some losses to close down 15 percent at $146.07 in yesterday's session.
Despite the declines the automaker is still worth about $130 billion.