Soros Fund Management, the investment fund of billionaire George Soros, acquired nearly 20 million shares in electric car start-up Rivian in the fourth quarter of 2021, securities documents show.
The 19,835,761 shares, then worth around two billion US dollars , are now only worth around 1.17 billion dollars after a prolonged plunge in Rivian’s share price.
In November 2021, it had become known that Amazon had increased its stake in Rivian to around 20 per cent. On 16 November 2021, Rivian’s share price peaked at 179.46 dollars. Since then, the share price has fallen by 67 percent.
Reasons for the share price drop include the announcement that Rivian had missed its production targets for 2021. According to other reports, production lines were also idled in early January to make production improvements. Rivian now aims to build 200 R1Ts per week, but wants and needs to scale up production further in 2021.