According to the filing with the Securities and Exchange Commission!
The Soros Fund Management opened a new position in Tesla with a total of 29,883 shares worth over $20 million.
The management fund also added investments to the existing stakes in Lucid and Nio.
Earlier this year, Soros sold his 1.26 million shares in General Motors.
Tweet on Soros fund buying Tesla
— The_Journalbiz (@the_journalbiz) August 15, 2022
The decision to buy a new $20 million stake in Tesla’s stock comes just after Tesla’s shareholders voted in favor of a 3:1 stock split which will take place on August 25.
Along with Tesla, the fund sold cut back, and also invested in various electric vehicle stocks this year. He held 8 million shares of Protera in Q1 2022 but currently holds 2.82 million. In Q1, he liquidated his shares in Fisker.
- The management fund bought 29,5 million shares in Ford.
Ford has also increased EV production and saw a 76.6% growth in EV sales in June 2022 compared with June 2021.
Soros’ investments in both companies as well as other EV automakers such as Lucid and Nio will most likely inspire more retail investors to consider investing in EV stocks!