Soros Fund Management cut Tesla stake, added Netflix in 1st quarter

The Tesla logo is seen on a car in Los Angeles123

NEW YORK, May 12 (Reuters) – Soros Fund Management, the family office of billionaire George Soros, slashed its stakes in electric vehicle makers Tesla Inc (TSLA.O) and Rivian Automotive (RIVN.O) in the first quarter, and added Netflix Inc (NFLX.O) shares, filings released Friday showed.

Soros purchased shares of Tesla and electric truck startup Rivian in 2022 and bought $35 million of Tesla convertible bonds in 2018.

The firm added new positions in Walmart Inc (WMT.N), Netflix and Chinese e-commerce company during the quarter. It boosted its stake in Qualcomm Inc (QCOM.O) by 50.5% to 104,350 shares, nearly tripled its position in Nike Inc (NKE.N) to 166,720 shares, and increased its holdings of Uber Technologies Inc (UBER.N) by nearly 50% to 818,955 shares.

The firm also added new stakes in railroad operators CSX Corp (CSX.O) and Norfolk Southern Corp (NSC.N). Norfolk Southern is facing lawsuits from the state of Ohio and the U.S. Justice Department over a Feb. 3 train derailment of 38 cars, including 11 carrying hazardous materials.

It cut its stakes in Walt Disney Co (DIS.N) by 75% to 46,400 shares, and in electric truck maker Rivian Automotive Inc (RIVN.O) by a similar amount to 3.6 million shares.

During the first quarter the stock market swung between hopes that inflation would be tamed and the failures of Silicon Valley Bank and Signature Bank, which sparked the largest banking tumult since the 2008 financial crisis.

The positions were revealed in 13-fs filings due at the end of each quarter and released six weeks later.

Soros, 92, is worth an estimated $6.7 billion, according to Forbes.

  • article with videoWorldcategoryDebt ceiling worries deepen as early June U.S. default reinforcedMay 12, 2023
  • MarketscategoryWall St Week Ahead Amid banking woes, faltering US small-caps offer ominous economic signMay 12, 2023
  • article with galleryMarketscategoryG7 to vow diversifying of supply chains, filling bank regulatory gaps -draft1:37 AM UTC . Updated undefined ago
  • article with videoDealscategoryVietnam EV maker VinFast to list in US via a SPACMay 12, 2023


Related posts

A squadron of electric Jeeps goes after Rivian, Tesla

Cynthia Danforth

Tesla discloses lobbying effort to set up factory in Canada

Cynthia Danforth

Equinor and partners to invest $1.44 bln in Arctic gas field

Cynthia Danforth

Leave a Comment