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Billionaire Soros buys stake in EV startup Rivian -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The Nasdaq Market Site in Times Square is seen from the outside. A Rivian R1T pickup was parked in front of this site, New York City. November 10, 2021. REUTERS/Brendan McDermid

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(Separates reference to consumers vehicles in the second paragraph of Feb. 11 Story)

By David Randall

NEW YORK (Reuters), -A billionaire investor George Soros purchased nearly 20,000,000 shares of Rivian Automotive Inc during the quarter that ended December 31, according to securities filings.

Soros Fund Management ranks among the top investors of the company, with 19835,761 shares worth approximately $2B. Rivian is owned 20% by Amazon.com Inc. (NASDAQ:) and is expected to supply the e-commerce firm with over 100,000 electric vehicles.

Irvine, California-based Rivian said https://www.reuters.com/business/autos-transportation/rivian-warns-supply-issues-hit-2021-production-shares-fall-10-2021-12-17 in December it expected production to fall “a few hundred vehicles short” of its 2021 target of 1,200 due to supply chain constraints, highlighting the likely challenges in ramping up production to take on EV leader Tesla (NASDAQ:) Inc.

Rivian shares fell by 9% on Friday, and have fallen 43% over the past year. This stock is 67% lower than the peak of $179.46 that it hit on Nov. 16, just one week after the company raised $12B in its biggest stock debut since 2021.

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