George Soros Financially Backs Elon Musk’s Biggest Competitor

(PresidentialInsider.com)- During the first quarter of 2022 Soros Fund Management purchased additional shares in electric vehicle maker Rivian Automotive, making the small electric vehicle company the fund’s largest holding.

Electric vehicle stocks are considered some of the most volatile in the market. For example, Tesla’s shares are up 880 percent over the last five years, but down 47 percent this year. Rivian, a smaller company, experiences even wildly swings.

When it when public in November 2021, Rivian’s IPO was priced at $78. By close of trading on the first day, Rivian reached $100.73 per share and climbed to $179.47 later that same month. Now, Rivian’s shares are trading around $27.60, down 84 percent from November 2021.

Investors like Soros see the beaten-down share price as an opportunity. And in the first quarter of 2022, Soros purchased an additional 6.05 million shares in Rivian, adding to the 19.84 million shares in Rivian that Soros Management Fund purchased during the fourth quarter of last year.

Currently, Rivian is the largest holding of Soros Fund Management.

But George Soros isn’t the only investor who sees long-term potential from Rivian Automotive. Last week, Morgan Stanley analyst Adam Jonas reiterated an overweight rating on Rivian, setting a price target of $60, or more than 100 percent above where the stock currently sits.

When compared to other automakers, Rivian is still a growth play. As of May, the company had produced around 5,000 electric vehicles since production began.

Soros Management Fund also invested in the cloud-based software giant Salesforce.

In the first quarter, Soros purchased 106,250 shares of Salesforce, increasing its stake in the company to 263,300 shares, or by 68 percent.

Cloud computing is a booming industry, which is reflected in Salesforce’s numbers. Over 150,000 companies use Salesforce’s customer relationship management platform to scale their business. In its most recent quarter, Salesforce’s revenue climbed 26 percent year-over-year to $7.3 billion.