Billionaire Soros buys stake in EV startup Rivian

Soros Fund Management is now among the most prominent investors in the company

Billionaire investor George Soros bought nearly 20 million shares of electric truck startup Rivian Automotive Inc (RIVN.O) in the quarter ended Dec. 31, securities filings showed Friday.

The 19,835,761 shares, worth about $2 billion at the time, makes Soros Fund Management among the most prominent investors in the company. Rivian, which is 20% owned by Inc , is expected to provide the e-commerce company with more than 100,000 electric trucks. Irvine, California-based Rivian said in December it expected production to fall “a few hundred vehicles short” of its 2021 target of 1,200 due to supply chain constraints, highlighting the likely challenges in ramping up production to take on EV leader Tesla Inc (TSLA.O).

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