George Soros, the billionaire investor, and philanthropist has recently cut his investment in electric vehicle makers, Rivian Automotive Inc. and Tesla Inc. According to a regulatory filing, Soros Fund Management sold about 10.8 million shares of Rivian stock in the first quarter, reducing the market value of the stake to $55.4 million. This was followed by the complete elimination of its $16 million stake in Tesla.
The decision to reduce the investments in Rivian and Tesla comes after the former saw a sharp decline in its share value by about 90% at the end of 2021 from its intraday peak in November. The reduction in stakes in Rivian and Tesla was part of Soros Fund Management's trimming of its tech-related positions that included stakes in Alphabet, Amazon.com, Salesforce, and Intuit. The firm's US equities portfolio fell about $687 million in the first quarter.
Despite the reduction in investments, Soros remains one of the wealthiest people globally, with a net worth estimated at $8.5 billion, according to the Bloomberg Billionaires Index. He has used his fortune to fund groups promoting democracy, human rights, and progressive politics through his Open Society Foundations. It is noteworthy that most of Soros Fund Management's assets belong to the foundations rather than the Soros family.
Money managers who oversee more than $100 million in US equities must file a 13F form within 45 days of each quarter's end to list their holdings in stocks that trade on US exchanges. This regulatory filing is one of the few places to gain insight into how hedge funds and some large family offices invest.
In conclusion, George Soros's decision to cut his investments in Rivian and Tesla suggests a cautious approach towards the electric vehicle industry and a trimming of tech-related positions. Soros's fortune will continue to support his philanthropic efforts, promoting democracy, human rights, and progressive politics through his Open Society Foundations.
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