Rivian to be Dropped from Nasdaq-100 Index
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Nasdaq sells shares, replaces with On Semiconductor
Less than two weeks after JP Morgan analyst Min. Pin Huang downgraded shares of Rivian Automotive Inc. (RIVN) from "overweight" to "neutral," the money-losing electric vehicle startup may get pushed out of the Nasdaq-100 index.
On June 20, 2023, Nasdaq will sell all the shares it holds in Rivian and replace them with shares of On Semiconductor (ON), according to Bloomberg. Rivian investors may want to mark that date on their calendars as the automaker will be removed from the index because its stock was weighted as less than 0.1 percent of the index in April.
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