Source: livemint

George Soros buys stake in Rivian Automotive
He bought the EV startup's 20 million shares

Hungarian-American Billionaire Investor, George Soros bought stake in the American EV Company. He approximately bought 20 million shares of Rivian Automative Inc., an electric trust startup (RIVN.O).

Billionaire Investor George Soros, is of Hungarian descent, holding American citizenship. His current net worth is almost $9 billion, as of 2021. Soros holds the ownerships of the shares of well-known companies. He is known to own the shares in companies like Walt Disney Ltd. and Nike.

George Soros
Billionaire Investor George Soros
Source: Bloomberg

Almost 20 million shares, 19,835,761 to be exact, were bought. They were worth $2 billion at that point, making the Soros Fund Management one of the most prominent investors in Rivian Automative.

Rivian is still yet to produce a consumer vehicle since its launch in the market. This makes Soros Fund Management an integral investor in such an automobile company.

Rivian Automotive Inc. was founded in 2009 as an American electric vehicle automaker. It is also an automative technology company and, is set to be in the process of making an electric sport utility vehicle. A pickup truck based on a “skateboard” platform for support of future vehicles, is also in the works. Rivian’s current CEO is RJ Scaringe, who is also its founder.

Amazom.com Inc. owns 20% of Rivian Automative as of 2019. The investment proved to be a game-changing one for Rivian, which was worth $700 million at the time. The e-commerce company expects Rivian to provide them with more than 100,00 electric trucks in time.

Rivian, Calfornia which is based in Irvine, Orange County stated that they are expecting a fall of “a few hundred vehicles short” in production, in the month of December. This effect on their 2021 target was due to constraints in its chain of supply. This disclosed the challenges in boosting their production to take on the leader in electric vehicles, Tesla, Inc.

Rivian Inc.’s shares saw a fall of 9% on Friday and were down 43% for the year. The price of the stock, from the high $179.46, was down 67% touched on 16th November, less than seven days following the its raise of $12 billion in 2021’s largest stock debut.

Soros’ investment in Rivian Automative Inc. could prove to be a vital change for the company. It would also have an impact in the automobile industry of the United States, owing to the competition which will be faced by Tesla Inc.

Livemint tweets on the news:

<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Billionaire investor <a href=”https://twitter.com/hashtag/GeorgeSoros?src=hash&amp;ref_src=twsrc%5Etfw”>#GeorgeSoros</a> bought nearly 20 million shares of electric truck startup <a href=”https://twitter.com/hashtag/RivianAutomotive?src=hash&amp;ref_src=twsrc%5Etfw”>#RivianAutomotive</a> in the quarter ended Dec. 31, securities filings showed Friday.<a href=”https://t.co/bZTZHL73rk”>https://t.co/bZTZHL73rk</a></p>&mdash; Mint (@livemint) <a href=”https://twitter.com/livemint/status/1492332634579611652?ref_src=twsrc%5Etfw”>February 12, 2022</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>