Billionaire Soros Buys Stake In EV Startup Rivian

NEW YORK: 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, price about $2 billion on the time, makes Soros Fund Management among the many most outstanding traders in an organization that has but to provide a client car. Rivian, which is 20% owned by Inc, is anticipated to supply the e-commerce firm with greater than 100,000 electrical vehicles.

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

Shares of Rivian fell 9% Friday and are down 43% for the yr so 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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