Amazon records $3.9 billion loss on Rivian investment, bringing markdown for the year to $11.5 billion

Amazon’s stake in electric vehicle maker Rivian Automotive was once worth $27 billion. That was in November, shortly after Rivian’s IPO, which took place just before the Nasdaq peaked.

But with investors rotating out of risk in 2022 and selling off last year’s high-priced IPOs, Amazon has now taken paper losses on its Rivian stake totaling $11.5 billion for the first two quarters, a stretch during which Rivian lost three-quarters of its…