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HomeAutoBillionaire Soros Buys Stake In EV Startup Rivian

Billionaire Soros Buys Stake In EV Startup Rivian


The 19,835,761 shares, value about $2 billion on the time, makes Soros Fund Management among the many most distinguished traders within the firm.

Billionaire investor George Soros purchased almost 20 million shares of electrical truck startup Rivian Automotive Inc within the quarter ended Dec. 31, securities filings confirmed Friday.

The 19,835,761 shares, value about $2 billion on the time, makes Soros Fund Management among the many most distinguished traders within the firm. Rivian, which is 20% owned by Amazon.com Inc, is anticipated to offer the e-commerce firm with greater than 100,000 electrical vans.

Irvine, California-based Rivian mentioned in December it anticipated manufacturing to fall “a few hundred vehicles short” of its 2021 goal of 1,200 on account of provide chain constraints, highlighting the probably challenges in ramping up manufacturing to tackle EV chief Tesla Inc.

Shares of Rivian fell 9% Friday and are down 43% for the yr thus far. The inventory value is down 67% from the excessive of $179.46 it touched on Nov. 16, lower than per week after it raised $12 billion within the largest inventory debut of 2021.

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