ford motor co showed how the early bird gets the worm as the automaker would have raised a lot less from the sale of rivian automotive inc shares if it waited for the opening bell to start selling rivian shares rivn fell 07 into recordlow territory in premarket trading tuesday while ford’s stock f slipped 08 ford disclosed in a form 4 filing late tuesday that it sold 8 million of the electric vehicle maker’s shares in the open market on may 9 at a price of 2680 to raise 2144 million rivian’s stock had tumbled 209 to a record low of 2278 on may 9 after cnbc had reported over the weekend that ford was planning to sell 8 million rivian shares as the lockup agreement expired on sunday the lockup agreement had required preinitialpublicoffering investors to not sell any shares for at least 180 days the stock opened the may 9 regular session at 2500 and traded in a range of 2245 to 2583 before closing at 2278 the only time that the stock traded at or above 2680 on may 9 was before 618 am eastern according to 1minute trading data provided by factset basically ford had to start selling as soon as rivian’s shares started trading in monday’s premarket session the volumeweighted average price vwap of rivian’s stock during regularsession hours was 24434 according to a marketwatch analysis of factset data if ford sold its rivian shares at that price it would have raised 19547 million or 189 million less than it actually raised ford’s sale represented 785 of its total stake in rivian as the form 4 filing showed that ford still owned 9395 million class a shares or about 105 of the class a shares outstanding in ford’s firstquarter report out in late april the automaker said it recorded a 54 billion unrealized loss on its rivian equity investment after recording a gain of 82 billion in the fourth quarter rivian shares have plunged 780 year to date through tuesday and ford’s stock has tumbled 357 while the sp 500 index spx has lost 161