Unmitigated, Billionaire Soros Buys 19.8% Share of Electric Truck Startup

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Unmitigated, Billionaire Soros Buys 19.8% Share of Electric Truck Startup


Billionaire George Soros through Soros Fund Management bought nearly 20 million shares of electric truck startup Rivian Automotive Inc in the fourth quarter of 2021.

Based on documents submitted to the Securities and Exchange Commission (SEC) published Friday (11/2) as quoted by Reuters, Soros bought 19.83 million shares of Rivian for US$ 2 billion.

This purchase makes Soros the most prominent investor in the company, which has not yet produced the consumer vehicle.

While the other shareholder is Amazon with 20% ownership. Rivian is targeted to provide more than 100,000 electric trucks to the American e-commerce giant.

Irvine, California-based Rivian said in December that 2021 production would not be achieved due to supply chain constraints.

The company is targeting production of 1,200 vehicles and that target will not be met by around a few hundred vehicles.

These conditions highlight possible challenges in increasing production to face Tesla, which is currently a leader in the electric vehicle industry.

Rivian shares were down 9% on Friday and have fallen 43% so far this year (year to date). Its share price has also fallen 67% from its highest price of US $ 179.46 on November 16, 2021.

Its record high was reached less than a week after raising $12 billion in funding in its biggest-ever stock debut of 2021.


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