Billionaire George Soros is now a major shareholder of Rivian (RIVN). According to securities filings published on Friday, Soros Fund Management bought nearly 20 million shares in the automaker in the fourth quarter of 2021.
Based on share prices at the time, the 19,835,761 shares were worth about $2 billion reports Reuters.
Unfortunately for Soros and his investment firm, Rivian’s stock price has tumbled in 2022, closing at $58.85 on Friday, down 42.71% in 2022.
Rivian went public in November, with excitement in the electric automaker pushing share prices up to an all-time high of $179.47 within a week of its debut.
That excitement has quickly faded as Rivian has struggled to ramp production, missing their 2021 target of 1,200 vehicles delivered by nearly 300 units.
Those issues led to a factory shutdown in early January to allow for some fixes and process improvements to be implemented to the production line.