Amid the downturn in electric vehicle stocks in the fourth quarter, billionaire investor George Soros’ Soros Fund Management has made changes to its EV portfolio.
What Happened: The firm held 332,046 shares of Tesla Inc. (NASDAQ:TSLA) at the end of the fourth quarter, valued at $40.90 million, 13F filings by the firm showed. This represents a 270% increase in the number of shares it held at the end of the third quarter.
See Also: Best Electric Vehicle Stocks
Soros’ fund also opened a fresh position in the Cathie Wood-owned Ark Innovation ETF (NYSE:ARKK), in which Tesla has a 10.92% weighting.
On the other hand, the fund liquidated part of its Rivian Automotive Holdings Inc. (NASDAQ:RIVN) holding. It held 14.35 million shares of the company, valued at $264.38 million, down 12.3% from 16.36 million shares at the end of the third quarter.
Soros Fund took a fresh position in legacy automaker General Motors Corp. (NYSE:GM). It bought 500,000 shares of the company, valued at $16.82 million.
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