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 Administration among the many most distinguished traders within the firm. Soros, a longtime supporter of Democrat and liberal causes, is a local weather activist with a repute for investing in inexperienced firms.
Rivian, which is 20 p.c owned by Amazon.com Inc., is predicted to offer the e-commerce firm with greater than 100,000 electrical vehicles.
Irvine, Calif.-based Rivian mentioned in December it anticipated manufacturing to fall “just a few hundred automobiles quick” of its 2021 goal of 1,200 as a result of provide chain constraints, highlighting the probably challenges in ramping up manufacturing to tackle EV chief Tesla Inc.
Shares of Rivian fell 9 p.c Friday and are down 43 p.c for the 12 months thus far. The inventory worth is down 67 p.c from the excessive of $179.46 it touched on Nov. 16, lower than every week after it raised $12 billion within the largest inventory debut of 2021.
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