Billionaire George Soros has invested in the electric vehicle firm Rivian.
According to securities papers released Friday, billionaire investor George Soros purchased approximately 20 million shares of electric vehicle startup Rivian Automotive during the quarter ended December 31. (Feb 11).
Soros Fund Management ranks among the most significant shareholders in the corporation with a total stake of 19,835,761 shares, which was worth around US$2 billion at the time. Rivian, which is 20 percent owned by Amazon, is projected to supply the e-commerce business with more than 100,000 electric trucks over the next five years.
EV manufacturer Rivian Automotive, based in Irvine, California, said in December that it expected production to fall "a few hundred vehicles short" of its 2021 target of 1,200 vehicles due to supply chain constraints, highlighting the likely difficulties in ramping up production to compete with EV leader Tesla.
In Friday's trading session, Rivian's stock sank by 9 percent, bringing its year-to-date loss to 43 percent. Despite reaching a high of US$179.46 on November 16, the stock price has fallen by 67 percent since then, little than a week after raising US$12 billion in what was the largest public debut of 2021.
By fLEXI tEAM