Rivian is set to lose its Nasdaq-100 index position and be replaced by ON Semiconductor
Per Quartz
The Nasdaq-100 is officially dropping Rivian as it fell 90% from its record-high price in November 2021. The EV maker will be replaced by Onsemi Semiconductor on the index.
On June 13, Nasdaq confirmed that it would be dropping Rivian the week after the announcement. As of press time, it is the week when the index is expected to drop the EV stock.
To be specific, Nasdaq noted that Rivian would lose its spot on June 20. This comes as the EV had a weight of less than 0.1% for two consecutive months.
Rivian is expected to be replaced by ON Semiconductor (Onsemi), which has seen growth throughout the year, tripling in value in the span of three years. Rivian, on the other hand, has fallen 20% this year alone.
Rivian's market cap sat at just $14.3 billion while ON Semiconductor's June 13 valuation sat at $40 billion.
Onsemi president and CEO Hassane El-Khoury gave a statement on June 12 regarding their entrance to Nasdaq
El-Khoury: “Our addition to the prestigious Nasdaq-100 Index is a testament to the successful execution of our strategy over the last two years, during which our employees around the world have unlocked tremendous value for Onsemi shareholders through their unwavering dedication and innovation,”
In May, Soros sold his entire Tesla stock while also selling 10.8 million Rivian shares in Q1, leaving him with just 3.6 million shares.
See flow at unusualwhales.com/flow.
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- Soros sold 10.8 million Rivian shares in Q1, leaving just 3.6 million shares
- Soros sold its entire Tesla stake worth $16 million
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