Billionaire George Soros bought nearly 20 million shares of electric truck startup Rivian Automotive Inc in the quarter ended December 31, 2021.
Based on a Reuters report, February 11, 2022, Soros bought 19,835,761 shares of Rivian worth around US$ 2 billion (Rp 28.7 trillion, the current exchange rate is US$ 1 = Rp 14,344). This figure makes Soros Fund Management among the most prominent investors in the company, which has yet to start production of its electric vehicles.
Rivian, which is 20 percent owned by Amazon.com, is expected to provide the e-commerce company with more than 100,000 electric trucks.
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Irvine, Calif.-based Rivian said in December that it expected production to fall "a few hundred vehicles less" from its 2021 target of 1,200 units due to supply chain constraints. The forecast comes as the company issues production projections and challenges for facing current electric vehicle leader Tesla Inc.
Rivian shares fell 9 percent on Friday last week and are down 43 percent for the year. The share price is down 67 percent from a record high of $179.46 touched on Nov. 16, 2021, less than a week after raising $12 billion in the stock's biggest debut last year.
REUTERS