Investor George Soros bought 20 million shares of Rivian

American financier and investor George Soros has bought nearly 20 million shares of electric car maker Rivian worth about $2 billion. The deal took place in the fourth quarter of last year, Reuters reports.

The purchase of shares made the Soros Fund Management Soros Fund Management Rivian’s largest investor, the agency notes. 20% of the company’s shares are owned by Amazon. Rivian is expected to supply more than 100,000 electric trucks to the online retailer.

Late last year, Rivian announced plans to expand its operations and build a second US plant in Georgia. This is stated in the message on the company’s website. Construction will begin in the summer of 2022, with a launch scheduled for 2024.

The amount of investment in the project will be $5 billion. It is planned that more than 7,500 people will work at the plant. Once launched, the plant in Georgia will be able to produce up to 400,000 electric vehicles per year, twice the capacity of the first plant in Illinois, which will also be expanding.

In November, Rivian held an IPO. The company’s shares at the opening of trading rose by 53% relative to the starting price to $106.75 per share, and their total value exceeded $100 billion. Later, they lost part of the growth and closed at $100.74 per share (+29%). Thus, the capitalization of Rivian amounted to $85.9 billion. This is the third largest figure among American automakers after Tesla ($1.06 trillion) and General Motors ($86.05 billion).


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