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POLITIKOFF

George Soros buys nearly 20 million shares of rival Tesla Group

Politiko 2022-02-12 17:03:24

George Soros buys nearly 20 million shares of rival Tesla Group

Billionaire investor George Soros bought nearly 20 million shares of electric truck startup Rivian Automotive Inc. in the quarter ended Dec. 31, securities files showed on Friday.

According to Euronews , they reached a value of about $ 2 billion and make Soros Fund Management among the most prominent investors in a company that has not yet produced a consumer vehicle. Rivian, which is 20% owned by Amazon.com Inc., is expected to provide the e-commerce company with more than 100,000 electric trucks.

Rivian, based in Irvine, California, said in December that it expected production to fall "a few hundred vehicles less" from its 2021 target of 1200 due to supply chain constraints, highlighting potential challenges in increasing output. to face the leader of EV Tesla Inc.

Rivian shares fell 9% on Friday and are down 43% for the year so far. The stock price has fallen 67% from the highest level of $ 179.46 that hit Nov. 16, less than a week after raising $ 12 billion in its biggest 2021 stock debut.

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