Rivian Stock Plunges Nearly 23% On Plans to Raise $1.5 Billion in Debt Despite In-Line Q3 Sales Estimate

Rivian's stock plunged 22.9% on Thursday, its biggest one-day percentage drop ever
The plunge came after Rivian issued Q3 sales estimates in line with expectations but also announced plans to raise $1.5 billion in convertible debt
Rivian went public in November 2021; its previous record drop was 20.9% on May 9, 2022
Rivian's stock is down 5% year-to-date, while electric vehicle ETFs and the S&P 500 are up double digits
The plunge occurred on very heavy trading volume, reflecting investors' concerns about Rivian's outlook and capital needs