Tesla Investment Eliminated by Soros
In addition to the Rivian stake reduction, Soros also significantly cut down its investment in Tesla (NASDAQ: TSLA), a leading player in the electric vehicle sector. This move effectively nullifies their previous $16 million stake in the EV giant. Soros initially bought shares of both Tesla and Rivian in 2022 and also purchased $35M worth of Tesla's convertible bonds in 2018.
Impact of Stock Offloading on Soros's Portfolio
In the first quarter, Soros Fund Management sold approximately 10.8 million shares of Rivian stock. According to Friday's regulatory filing, this led to a decline in the stake's market value, which fell to $55.4M. The remaining 3.6 million shares now make up about 1.1% of Soros's US equities portfolio, which saw a substantial decrease of nearly $687M during the same period.
Soros Fund Management's New Investments and Stake Increases
The firm diversified its portfolio by initiating new positions in Walmart (NYSE: WMT), Netflix (NASDAQ: NFLX), and Chinese e-commerce company JD.com (NASDAQ: JD) during the quarter. It increased its Qualcomm (NASDAQ: QCOM) stake by 50.5% to 104,350 shares, nearly tripled its Nike (NYSE: NKE) holding to 166,720 shares, and boosted its Uber Technologies (NYSE: UBER) stake by almost 50% to 818,955 shares.
Portfolio Rebalancing Includes Railroads and Disney Reduction
In its recent portfolio rebalancing, Soros Fund Management also invested in railroad operators CSX Corp (NASDAQ: CSX) and Norfolk Southern Corp (NYSE: NSC). However, the firm trimmed its position in Walt Disney Company (NYSE: DIS) by a massive 75% to 46,400 shares.
Quarterly Filings Reveal Portfolio Changes
These portfolio changes were disclosed in the 13-F filings, which are mandatory at the end of each quarter and publicly released six weeks later.
Tesla and Rivian Stocks Dip in Premarket Trading
In Monday's premarket trading, both Tesla (TSLA) and Rivian (RIVN) shares experienced a slight downturn, decreasing by 0.23% and 1.74%, respectively.