Iconic investor George Soros’ investment company Soros Fund Management snapped up almost 20 million shares of electric vehicle company Rivian Automotive (RIVN) last quarter.
The stake was worth $2 billion when Soros Fund Management bought it, but it’s now worth about $1.2 billion. The firm disclosed the stake in a Securities and Exchange Commission filing.
Rivian shares have cratered 40% so far this year. The company announced last month that it made 1,015 vehicles in 2021, falling short of its target of 1,200. And Chief Operating Officer Rod Copes left Rivian in December.
There also were reports that talks between Rivian and Samsung for a joint venture on battery production collapsed. Rivian went public in November.
The Soros Fund Management filing also showed that it reduced its stakes in technology titans Amazon (AMZN) and Alphabet (GOOGL).
In addition, it cut back on its holding in the exchange-traded fund Invesco QQQ Trust (QQQM) , which is the biggest ETF that tracks the Nasdaq-100 index. Soros Fund Management owned $9.4 million of QQQ as of Dec. 31, down from $356.2 million at the end of the third quarter, according to Bloomberg.
And Soros Fund Management disclosed a new, $13.3 million holding in Peloton Interactive (PTON).
The investment firm enjoyed a 23% increase in the overall worth of its U.S. stocks in the fourth quarter--to $6.5 billion from $5.3 billion in the third quarter, according to Bloomberg.
Part of that gain stemmed from Soros’ position in medical-records company Cerner, (CERN) which soared 32% in the fourth quarter, Bloomberg reports. That gain came after software giant Oracle (ORCL) agreed in December to buy Cerner for $28 billion.
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