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: RIVN) 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: TSLA), effectively eliminating their investment in the EV giant.
Soros purchased the shares of Tesla and Rivian in 2022 and bought $35 million of Tesla convertible bonds in 2018.
Soros Fund Management offloaded about 10.8 million shares of Rivian stock in the first quarter, resulting in a decrease in the stake's market value to $55.4 million, according to a regulatory filing Friday. The remaining 3.6 million shares now account for roughly 1.1% of Soros's US equities portfolio, which experienced a decline of around $687 million during the same quarter.
The firm added new positions in Walmart Inc (NYSE: WMT), Netflix (NASDAQ: NFLX) and Chinese e-commerce company JD.com (NASDAQ: JD) during the quarter. It boosted its stake in Qualcomm Inc (NASDAQ: QCOM) by 50.5% to 104,350 shares, nearly tripled its position in Nike Inc (NYSE: NKE) to 166,720 shares and increased its holdings of Uber Technologies Inc (NYSE: UBER) by nearly 50% to 818,955 shares.
The firm also added new stakes in railroad operators CSX Corp (NASDAQ: CSX) and Norfolk Southern Corp (NYSE: NSC) and cut its stakes in Walt Disney Co (NYSE: DIS) by 75% to 46,400 shares.
The positions were revealed in 13-fs 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 pre-market trading on Monday.
By Michael Elkins | [email protected]