Billionaire George Soros’ investment fund has taken a more than $1 billion stake in electric-pickup maker Rivian Automotive Inc.
According to a filing with the Securities and Exchange Commission on Friday, Soros Fund Management bought nearly 20 million shares of Rivian
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last quarter, worth about $2 billion at the time. As of Friday’s close, however, the stake was worth about half that — roughly $1.17 billion.
Rivian shares have sunk 43% year to date, after reporting it fell short of its 2021 production goals and after reports that a battery-production deal with Samsung SDI Co.
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fell through. Rivian Chief Financial Officer Claire McDonough said in early January that the company intends to put growth ahead of profit for the time being, following its massive IPO in November.
Rivian shares soared after the company went public, helping boost the fourth-quarter bottom line for major stakeholders such as Amazon.com Inc.
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and Ford Motor Co.
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Friday’s filing also disclosed that Soros Fund Management reduced its holdings in Big Tech in the fourth quarter, trimming its positions in Amazon and Google parent Alphabet Inc.
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as well as selling part of its stake in the Invesco QQQ Trust Series 1 ETF
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the largest ETF tracking the Nasdaq-100. It also revealed a roughly $13.3 million stake in Peloton Interactive Inc.
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Source: https://www.marketwatch.com/story/billionaire-george-soros-takes-major-stake-in-rivian-sells-some-tech-shares-11644793520?siteid=yhoof2&yptr=yahoo