The world is increasingly divided between the great and the poor. The middle blanket disappears before our eyes, in a world where more and more of us face the worries of tomorrow.
While ordinary people like us can barely pay their electricity or natural gas bills and look at store shelves at ever-increasing prices, the world’s billionaires are giving blow after blow, expanding their empires.
This is also the case of tycoon George Soros, who bought almost 20 million shares of the electric truck startup Rivian Automotive, in the quarter ended on December 31st.
$ 2 billion is at stake
We are talking about 19,835,761 shares, worth about $ 2 billion. With this huge asset package, Soros becomes one of the strongest investors.
The important thing is that this company already has other big names on the list of investors. 20% of the shares are owned, for example, by the giant retailer Amazon, Jeff Bezos.
Soros Fund Management bought the shares in the last quarter, after the initial public offering, when Rivian still had a rating that rivaled some very powerful carmakers, despite delivering only a few electric vehicles to customers.
Rivian, based in Irvine, California, came with some not-so-good news in December. The company’s representatives estimated that production could fall, “by a few hundred vehicles” compared to its goal of 1,200 by 2021, due to supply chain problems, which grind the entire automotive industry globally.
The new pessimistic forecasts were reflected in the evolution of stock costs. Rivian shares fell 9% on Friday and 43% in the last year. George Soros’ investment in Rivian is now worth about $ 1.17 billion. It is also worth mentioning that, now, the share price is 67% lower than the maximum of $ 179.46 per unit reached on November 16.