George Soros took losses on some of his Rivian investments this last quarter.
Soros’s filing from August 12th shows he cut his shares to 17,835,511 at a value of $459,086,00 as of June 30th, quite a bit less than the $2 billion he invested in 2021 when acquiring 20 million shares. As of March 31st of this year, Soros reported owning over 25 million shares.
Rivian has been a “rival” to Elon Musk’s Tesla. They had a mixed earnings report for the second quarter. They still anticipate producing 25,000 vehicles this year but have lowered their profit target because of supply chain issues.
In a letter to shareholders sent out on August 11th, Rivian cited the issue, “Supply chain continues to be the limiting factor of our production”. “Throughout the quarter, our cost of materials was impacted by inflationary pressures, which we believe will continue to be an impact for the near future,” they also added
CFO Claire McDonough told analysts, “We’ve seen unprecedented levels of inflation, especially across our raw material, inputs and lithium prices that have gone up north of 115% over since the start of this year, in particular, coupled with Covid and other factors that have driven a challenging supply chain and inflationary environment as well as part of that.”
She remains optimistic adding, “We expect to be able to add a second shift for vehicle assembly towards the end of the third quarter.”
Previously we reported that George Soros was down big on his Rivian investment.
It looks like he’s had to take his lumps and lock in some of those major paper losses.
In the first quarter of this year Ford and Amazon both sold of shares of the Tesla “rival”.
Bill Gates has also betted against Musk. Although Tesla shares are down with the broader market, the company is growing and profitable, unlike many other EV competitors.
Soros, it seems took some of the money invested in Rivian and purchased shares of Tesla according to the filing, putting funds in a more stable investment it seems.
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