George Soros Deals a Big Blow to Tesla rival Rivian

[jakef801]

I think this will end up being a hiccup, and tend to agree that Soros was diversifying his holdings in myriad EV manufacturers vs. losing his faith in Rivian. That being said, I knew the stock would fall today on this news.

https://www.thestreet.com/technology/george-soros-deals-a-big-blow-to-tesla-rival-rivian

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[tiltedandsaltyaf]

buy high, sell low, this is the way!

 

[zipzag]

buy high, sell low, this is the way!

I assume Soros was an early investor and sold at a profit?

 

[jakef801]

I assume Soros was an early investor and sold at a profit?

No, from what I've read he actually acquired around 26 million shares early-mid '22. March filing stated this ownership as of March 30, 2022. Now his fund owns 18ish million shares as of June 30, 2022 filing. Side note: During the March - June period he acquired shares, for the 1st time, in Tesla and increased position on Lucid.

 

[kurtlikevonnegut]

No, from what I've read he actually acquired around 26 million shares early-mid '22. March filing stated this ownership as of March 30, 2022. Now his fund owns 18ish million shares as of June 30, 2022 filing. Side note: During the March - June period, he acquired shares, for the 1st time, in Tesla and increased position on Lucid.

That's what I thought as well. If that's the case it's very possible he was able to diversify while making a nice little profit on the sale.

 

[Firewired]

I bought on the drop today. I likewise bought Tesla in 2013.

 

[SASSquatch]

I think his investment in Lucid is going to be a giant dud. My SASSquatch sense is that they are going the direction of Canoo. Namely:

Canoo reports a $164.4 million loss in Q2 of 2022
According to its press release coinciding with its Q2 2022 investors presentation, Canoo has posted a net loss of $164.4, up from $112.6M in Q2 of 2021. Additionally, Canoo shared it has cash and cash equivalents of $33.8 million as of June 30, 2022.

~34 million to try and ramp up production isn't going to cut it. At the rate they are losing money, they have already run out of cash.

 

[zipzag]

No, from what I've read he actually acquired around 26 million shares early-mid '22. March filing stated this ownership as of March 30, 2022. Now his fund owns 18ish million shares as of June 30, 2022 filing. Side note: During the March - June period he acquired shares, for the 1st time, in Tesla and increased position on Lucid.

Doesn't seem that his trade affects Rivian at all. Not a lot of downward pressure on RIVN considering the size of the trades.

 

[jakef801]

Doesn't seem that his trade affects Rivian at all. Not a lot of downward pressure on RIVN considering the size of the trades.

I posted it because I feel quite certain it was what drove the dip yesterday. Agreed that big picture, it doesn't affect it overall. If he'd dumped all of his shares, he's a big enough name that it would have.
I'm a believer in RIVN and am very long on it. "I'm not just a customer, I'm an owner". Only us old f'ers will get that reference.

 

[timf]

Am I the only one annoyed by the fact that seemingly every article written about an EV manufacturer other than Tesla contains "Tesla Rival" in the headline?

 

[CharonPDX]

Am I the only one annoyed by the fact that seemingly every article written about an EV manufacturer other than Tesla contains "Tesla Rival" in the headline?

Or it says Tesla should buy them. They're either rivals or so complimentary Tesla should just own them.

 

[ironpig]

Am I the only one annoyed by the fact that seemingly every article written about an EV manufacturer other than Tesla contains "Tesla Rival" in the headline?

Annoyed but not surprised. It's a phrase that earns clicks and that's the economy we live in.

The clickbait media has decided that Tesla is Kleenex for EVs and anyone who makes an electric car is trying to dethrone them. Hopefully that narrative will finally die in the next few years or two as legacy automakers surpass Tesla's annual EV output.

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