George Soros Placed $2 Billion Bet On Rivian last quarter that has lost more than 40% of its initial value (so far).
Rivian stock has gone from an all-time high of $179.46 on November 16 to just $58.85 at market close Friday, putting the stock down 43% since the new year. For his part, Soros seems to have effectively turned his $2 billion into “just” $1.17 billion, which either supports or refutes whatever conspiracy theory the QAnon people are selling this week.Ford Motor Co. recorded an $8.
, owning 12% of the startup electric truck maker. Following Rivian’s $100 billion valuation at the stock’s all-time high, Ford has also backpedaled when it comes to closer manufacturing ties with Rivian, effectively saying the blue oval will “go it alone” when it comes to electric Lincoln-badged trucks and SUVs, effectively positioning the legacy car brand more as a Rivian rival than a Rivian resource..
. It’s believed that this show of confidence is also helping keep the stock reasonably high, although how long that lasts remains to be seen. As for the rest of us, it’s hard to say. Despite years of missed deadlines and broken promises, Tesla’s stock is valued at several times the next largest legacy car brand, so who knows? Maybe Rivian will be able to spread some similar stock-market magic George Soros’ way and become a truly successful automaker.
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