Billionaire investor George Soros’ investment management firm, Soros Fund Management LLC, opened a fresh position in electric vehicle pioneer Tesla, Inc. TSLA and doubled down on beaten-down tech stocks.
EV Holdings: Soros Fund bought 29,883 shares in Tesla, during a quarter when the company came under significant selling amid production disruptions and CEO Elon Musk’s interest in buying Twitter, Inc. TWTR. The firm, however, either completely liquidated or trimmed positions in other EV and EV-related stocks.
- Fisker, Inc. FSR: complete liquidation (from 317,300 in Q1)
- Lithium-ion recycling company Li-Cycle Holdings Corp.LICY: complete liquidation (from 85,248 shares in Q1)
- Proterra Inc. PTRA: 2.82 million shares (down from about 8 million in Q1)
- Rivian Automotive, Inc. RIVN: 17.8 million shares (down from 19.8 million in Q1)
The Soros-run firm sold its entire stake in ride-hailing service Lyft, Inc. LYFT and reduced Uber Technologies, Inc. UBER holdings from 729,297 at the end of the first quarter to 300,000 in Q2.
Soros Exits Positions In UK Oil Giants: The firm sold all of its 3,000 shares in BP plc. BP and 13,005 shares of Shell plc SHEL. Oil stocks gained during the quarter amid an increase in crude oil prices.
Tech Holdings: Soros Fund increased its bets on tech stocks. The firm took a position in Twitter in the first quarter, buying 100,001 shares amid the Musk takeover saga. The firm’s other tech transactions were as follows:
- Alphabet, Inc. GOOGL GOOG: 53,175 shares (up from 36,715 in Q1)
- Amazon, Inc. AMZN: 2 million shares (up from 74,401 in Q1); Bulk of the increase is due to the additional received as part of the e-commerce giant’s 20-for-1 stock. Stripping off the increase due to the stock split, the firm still added close to 600,000 shares.
- Qualcomm, Inc. QCOM: 229,582 shares (up from 21,108 in Q1)
- Salesforce, Inc. CRM: 627,509 shares (up from 157,046 in Q1)
- Snowflake, Inc. SNOW: 101,797 shares (up from 13,000 in Q1)
- Taiwan Semiconductor Manufacturing Company Ltd. TSM: 63,367 shares (down from 108,500 shares in Q1)
Photo: Courtesy of Heinrich-Böll-Stiftung on flickr