Rivian Automotive Inc. experienced a significant downturn, with its stock hitting an all-time low following a double analyst downgrade and job cuts. The stock fell sharply by 12.2% in after-hours trading and closed the day down by 25.7%. This decline has brought the company's stock down by 93.6% from its peak in November 2021. Rivian's market capitalization now stands at $10.9 billion, a steep decline from its $150 billion valuation in 2021.