George Soros latest dealings in Q4 confirmed that Soros Fund Management reduced its holdings of Big tech stocks before January’s market selloff.
Last month was the worst January as the NASDAQ tech-heavy sector experienced its largest decline since the 2008 financial crisis and the steepest month drop since the pandemic began.
“Last month was the worst January as the NASDAQ tech-heavy sector experienced its largest decline since the 2008 financial crisis and the steepest month drop since the pandemic began”
WEALTH TRAINING COMPANY
George Soros’s latest dealings to reduce exposure in the tech-heavy index were at a timely moment
The Nasdaq opened on January 3, the first trading day of 2022, at 15,732.50. On Monday, January 31, it closed at 14,239.88.
February’s attempted recovery is being held back due to Ukrainian war fears and Fed tightening. The Nasdaq continues to decline from January’s lows, with the index 13993, at the time of writing this piece.
George Soros latest dealings show his firms slashed their stake in the Invesco QQQ Trust Series 1 (ticker QQQ), the biggest exchange-traded fund tracking the tech-heavy Nasdaq 100. It held just $9.4 million at the end of December, down from $356.2 million at the end of the third quarter, according to the latest regulatory filing.
“February’s attempted recovery is being held back due to Ukrainian war fears and Fed tightening”
RAY DALIO
George Soros latest dealings show a $2 billion stake in electric pickup maker Rivian Automotive Inc
Soros Fund Management purchased some 19,835,761 Rivian stocks sometime in Q4 of 2021, at a reported price of $2 billion.
So the New York-based firm now holds more than $2 billion in shares of Rivian, in the quarter ended Dec. 31, according to the latest securities. Rivian, went public in one of the biggest IPO under the ticker “RIVN” on Nov. 10, 2021.
“while Soros adds Rivian Class A to his fund’s holding the stock is down 31% year to date” – Wealth Training Company
But while Soros adds Rivian Class A to his fund’s holding the stock is down 31% year to date: However, in the last five days stock is up almost 10% five days, which means Soros bets on Rivian have yet to pay off. The electric truck maker is stacking delays as the Irvine, California-based Rivian said in December it expected production to fall “a few hundred vehicles short” of its 2021 target of 1,200 due to supply chain constraints and the debacle surrounding Rivian’s battery-making partnership with Samsung having “sent its share pricing into a tailspin,” according to Daniel Zlatev at Notebook Check.
Rivian stock has gone from an all-time high of $179.46 on November 16 to $70.85, which could mean an unhedged loss of almost 500 million USD on a 2 billion USD holding.
Ford has also back-pedaled when it comes to closer manufacturing ties with Rivian, effectively saying Ford will “go it alone”, when it comes to electric Lincoln-badged trucks and SUVs.
George Soros latest dealings also revealed a new $13.3 million holding in Peloton Interactive Inc
The value of its US equity portfolio jumped by $1.2 billion to $6.5 billion, thanks in part to its stake in Cerner Corp. Those shares jumped more than 31% recently.
