Published:
13 feb 2022 03:43 GMT
The tycoon has become one of the biggest investors in the company, which has yet to produce any consumer vehicles.
Billionaire George Soros bought regarding 20 million shares of the electric van company Rivian, according to reported Archyde.com, citing securities files published this Friday.
The shares were worth regarding $2 billion at the time of purchase, making Soros Fund Management one of the largest investors in the company, which has yet to produce any consumer vehicles.
The automaker, described as a rival to Tesla, Indian last December that it expected production to fall short of its 2021 target of 1,200 due to supply chain constraints. However, Rivian, which is 20% owned by Amazon, is expected to supply the e-commerce company with more than 100,000 electric trucks.
Due to delivery constraints, Rivian shares are down 43% so far this year. Its price is currently down 67% from a high of $179.46, which it hit a week following it debuted on the stock market.
