Technology

‘Witch of Wall Street’ acquires shares in green energy car startup


The world has another billionaire entering the green energy car race when it won a $ 2.8 billion stake in electric vehicle startup Rivian Automotive Inc.

The founder of the Soros Quantum Fund, George Soros has joined the ranks of green billionaires, when he won a $2.8 billion stake in electric vehicle startup Rivian Automotive Inc.

Soros Fund Management was revealed on Wednesday in the US as the new star investor in the electric vehicle and SUV maker in a new filing with the US Securities and Exchange Commission, totaling Up to 20 million shares of Rivian were purchased in the fourth quarter of 2021.

Rivian is an Irvine, California-based startup that is 20% owned by Amazon with more than 160 million shares. Rivian plans to supply the e-commerce company with more than 100,000 electric trucks.

However, in December of last year, Rivian predicted production would be several hundred less than its target of 1,200 vehicles in 2021 because of supply chain constraints.

It’s unclear how long the investment will take for Soros to succeed, as Rivian’s value has plummeted 43% so far in 2022, after the electric-car maker fell short of its 2021 production target and the Negotiations to reach an agreement with Samsung Digital Interface have been limited.

In February, Amazon and Ford reported large returns on their investments in Rivian. Although Rivian’s initial delivery dates have been pushed back due to the pandemic, it will begin delivering its first all-terrain electric vehicles by the end of 2021. In January of this year, Rvian said it had produced 1,105 vehicles including R1T, R1S and EDV vans, a total of 920 units were delivered.

Thai Hoang(Synthetic)

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