Tesla is backed by George Soros Despite the Shares’ Drop
Despite a decline in Tesla Inc.’s stock price last year, billionaire investor George Soros has continued to support the electric vehicle manufacturer through his Soros Fund Management. According to a recent report, the fund increased its holdings in Tesla by 242,399 shares during the fourth quarter of 2022, or over 270%, bringing the total to 332,046 Tesla shares.
investing in the Ark Innovation ETF from Cathie Wood
In the third quarter, Soros also bought 500,000 shares of Cathie Wood’s Ark Innovation ETF, whose largest investment is Tesla and whose value is expected to decline in 2022. On the other hand, Soros sold his shares in Twitter just as Elon Musk was getting ready to take over.
Peloton, Carvana, and Lyft now have new stakes.
The fund increased its ownership of fitness-bike manufacturer Peloton Interactive Inc. by more than 83 million shares, or approximately 370%. Additionally, Soros purchased more than 83 million shares of Lyft Inc. in addition to a new interest in Carvana Co., a failing used-car retailer.
Block Inc. and Marathon Digital Holdings shares.
In addition to acquiring 17.2 million more shares of Block Inc., the fund added a new investment of roughly 40 million shares in Marathon Digital Holdings. Additionally, it increased its holding in MicroStrategy Inc. while taking a lesser interest in the cryptocurrency-friendly bank Silvergate Capital Corp.
Overall, Soros’ investments in the fourth quarter show a trend away from social networking and video communication platforms and toward technology-based businesses, such as electric cars and at-home fitness.