Per Bloomberg
Soros sold 10.8 million Rivian shares in Q1, leaving just 3.6 million shares
5/15/2023
Soros has recently sold his entire Tesla stock, and aside from that, he also decided to unload his stake in Rivian after a decline of 90%. This came as the billionaire investor's investment firm sold 10.8 million Rivian shares in the first quarter.
This reduced their stake's market value to $55.4 million, per a regulatory filing. When it came to Soros' portfolio, it was reported that the 3.6 million shares amounted to just 1.1% of their US equities portfolio.
The Soros Fund Management's US equities portfolio was reportedly worth $5 billion and sustained a $6787 million drop during the first quarter of this year. The company decided to offload stock in other major companies, including Amazon.com Inc., Alphabet Inc., Salesforce Inc., and Intuit Inc.
So far, Rivin peaked in November 2021, but at year-end from its intraday peak, the EV company saw a decline of 90%. Per the Bloomberg Billionaires Index, George Soros is reportedly worth $8.50 billion.
Recently, Soros sold its entire Tesla stake, which was reportedly worth $16 million. This came as the company likely enjoyed the January to March rally of the EV company amid the wide recovery of some companies within the tech sector.
This was revealed through a 13F filing. Soros reportedly accumulated 132,00 shares at the end of 2022.
At the start of the year, Soros' stake in Tesla was reportedly worth around $14.3 million, and at the peak of the first quarter, the shares were reportedly worth about $28.3 million.
In February, it was reported that Ark Invest's Cathie Wood said that the best way to "cash in" on AI was by purchasing Tesla. As the EV company's stock declined, Woods decided to purchase more stock as it capitalized on the lower prices.
The Ark Invest CEO expects that Tesla's share price could multiply by 8 in the next five years.
See flow at unusualwhales.com/flow.
Other News:
- Soros sold its entire Tesla stake worth $16 million
- Ark Invest's Cathie Wood says the best way to 'cash in' on AI is through Tesla
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