© Reuters. Soros exits Tesla (TSLA), reduces Rivian (RIVN) stake after 90% drop from peak
Soros Fund Management, the family office of George Soros, cut its holdings in Rivian Automotive (NASDAQ:) following the electric automaker’s 90% share decline from its intraday peak in November 2021. The billionaire also slashed its $16 million stake in Tesla (NASDAQ:), effectively eliminating their investment in the EV giant.
Soros purchased the shares of Tesla and Rivian in 2022 and bought $35M of Tesla convertible bonds in 2018.
Soros Fund Management offloaded about 10.8M shares of Rivian stock in the first quarter, resulting in a decrease in the stake’s market value to $55.4M, according to a regulatory filing Friday. The remaining 3.6M shares now account for roughly 1.1% of Soros’s US equities portfolio, which experienced a decline of around $687M during the same quarter.
The firm added new positions in Walmart (NYSE:), Netflix (NASDAQ:), and Chinese e-commerce company JD.com (NASDAQ:) during the quarter. It boosted its stake in Qualcomm (NASDAQ:) by 50.5% to 104,350 shares, nearly tripled its position in Nike (NYSE:) to 166,720 shares, and increased its holdings of Uber Technologies (NYSE:) by nearly 50% to 818,955 shares.
The firm also added new stakes in railroad operators CSX Corp (NASDAQ:) and Norfolk Southern Corp (NYSE:) and cut its stakes in Walt Disney Company (NYSE:) by 75% to 46,400 shares.
The positions were revealed in 13-F filings due at the end of each quarter and released six weeks later.
Shares of TSLA and RIVN are down 0.23% and 1.74%, respectively, in premarket trading on Monday.
Read the full article here
