Billionaire George SorosInvestmentFunds Overweight Purchases Last QuarterElectric CarNIO knocks on manufacturer Rivian, and two other electric carscar(Nio) and Lucid Motors, but liquidated its stake in Fisker.
The Soros Fund revealed in February that it had bought about 20 million Rivian shares, which were valued at about $2 billion at the time.
The investment is yet to pay off as Rivian’s share price has fallen sharply this year, though filings on Friday show that the Soros Fund bought another 6 million shares in the period ended March 31, apparently the first. Rivian’s share price halved in the quarter. Meanwhile, Soros continued to weigh more than Rivian.
MarketWatch estimates that the Soros Fund now holds approximately 25.9 million Rivian shares, valued at approximately $693 million. Shares of Rivian are down about 74 percent this year, while the S&P 500 is down about 16 percent.
Shares of Rivian were down 0.2% on Friday after gaining more than 9% in the regular session. Investors were satisfied that the electric car maker maintained its production target of 25,000 units.
The filing also disclosed that the Soros Fund had established stakes in electric vehicle maker Lucid and NIO, and approved electric vehicle maker Fisker and automaker General Motors (GM).
In addition, Soros also sold his stake in Lyft and Peloton Interactive.
New Soros Fund investments also include Bank of America, ETC Inc. (ETSY) and Eventbrite.
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