Rivian Holder Abdul Latif Jameel Says ‘No Plans’ to Reduce Stake

Abdul Latif Jameel, the third-largest shareholder of Rivian Automotive Inc., has no plans to sell down its stake in the EV-maker after a lockup on the stock expired Sunday.

Jameel, a Jeddah, Saudi Arabia-based group, holds almost 114 million shares through a subsidiary called Global Oryx Co., according to data compiled by Bloomberg. Rivian shares fell 20%, the most ever, to $23.03 at 1:54 p.m. in New York. That takes the stock’s year-to-date decline to more than 77%.

Read more: Rivian plunges as lockup end opens way to Ford, Amazon stake cut

“We stand firmly behind Rivian and ...