Billionaire investor George Soros' fund dumped its entire Tesla stake in the first quarter - cashing out on the EV's maker's 2023 rebound
jumped 68% in the first quarter, thanks to a broad rally in the technology sector amid expectations that cooling inflation would allow the Federal Reserve to halt its interest-rate increases. The stock has pared its advance since then, and is currently up about 37% year-to-date.
Soros' fund also cut its holdings in electric-vehicle startup Rivian Automotive, and held 3.58 million shares at the end of the first quarter. In the banking sector, Soros reduced its stake in First Horizon Bank by 14.37% to 7.31 million shares as the industry weathered its biggest turmoil since the 2008 financial crisis, which started with Silicon Valley Bank's shocking collapse in March.
Meanwhile, the fund newly purchased shares in Walmart, Netflix, and Chinese e-commerce company JD.com during the quarter.
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