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The Nasdaq has confirmed that startup EV company Rivian (NYSE: RIVN) would lose its position in the coveted Nasdaq 100 Index

Nasdaq is dropping Rivian because it shrunk too much.

RIVN stock will be removed from the Nasdaq-100 as of the market open on June 20 due to having a weight below the index requirement.

Rivian's stock has lost 90 percent of its value since 2021 and is performing so badly that it might not be listed on the Nasdaq 100 by late June