The investment company owned by billionaire George Soros has reduced its holdings of electric car makers, reducing its stake in Rivian Automotive after the stock collapsed by 90%, and disposing of its investment in Tesla.
Soros Fund Management sold about 10.8 million shares of Rivian Automotive in the first quarter of this year, bringing the market value of its stake down to $55.4 million, according to a filing with regulators on Friday.
The remaining 3.6 million shares represent about 1.1% of the roughly $5 billion Soros’ portfolio of US stocks is worth, which lost about $687 million in the first quarter.
Soros, which is based in New York, also sold its entire stake in Tesla, valued at about $16 million, after acquiring a new stake during the rise of large technology stocks in the second quarter of 2022.
The company has cut other investments in the tech sector, including stakes in Alphabet, Amazon, Salesforce and Intuit.-
Rivian Automotive stock deteriorated by about 90% at the end of the year, compared to its peak in the middle of the session in November 2021.-
Amazon shares rose after earnings and sales exceeded market estimates
Soros, 92, has an estimated fortune of $8.5 billion, according to the Bloomberg Billionaires Index. He has poured billions of dollars into his philanthropic activities and used his wealth to fund groups advocating for democracy, human rights, and progressive politics through the Open Society Foundation (Open). Society Foundations) which he founded. Most of the assets of his company are owned by the foundation rather than the Soros family.
Fund management companies that manage more than $100 million invested in US equities are required to file a Form 13F within 45 days of the end of each quarter showing their holdings of US publicly traded stocks.
These disclosures are one of the few outlets from which we can obtain information regarding how hedge funds and some large family offices invest their money.