Rivian Automotive Inc (NASDAQ:RIVN) is trading higher Monday morning after filings from billionaire investor George Soros showed he invested about $2 billion in the electric vehicle company during the fourth quarter.
Soros’ family investment office, Soros Fund Management, revealed that it bought nearly 20 million shares, giving Soros about a 2% stake in Rivian, which is 20% owned by Amazon.com Inc (NASDAQ:AMZN).
Rivian shares have been facing selling pressure since the company announced it would be "a few hundred vehicles short" of its 2021 production target. The stock is already down nearly 40% in 2022.
Rivian designs, develops and manufactures category-defining electric vehicles and accessories.
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RIVN Price Action: Rivian has traded as low as $50 and as high as $179.46 since it made its public debut last year.
The stock was up 9.43% at $64.44 at time of publication.
Photo: courtesy of Rivian.
