The investment company of multi-billionaire George Soros has sold its entire stake in electric car maker Tesla and most of its shares in rival Rivian Automotive.
This emerged from a report by Soros Fund Management to the American stock market watchdog SEC.
It concerned a $16 million equity interest in Tesla. Soros Fund Management bought those shares in the second quarter of last year. The fund also sold shares of tech companies such as Apple, Salesforce and Amazon.
In addition, 10.8 million Rivian shares were sold in the first quarter. As a result, the investment firm now owns approximately 3.6 million shares of Rivian. Rivian’s share price has fallen sharply since a peak in November 2021 due to the price war in the electric car market and various problems at the company.
Soros, 92, has an estimated net worth of $8.5 billion. The American-Hungarian investor is the founder of the organization Open Society Foundations, which, in his own words, is committed to “inclusive and vibrant democracies” through donations.