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George Soros has increased his investments in several technology stocks, according to the Securities and Exchange Commission on Friday. Soros Fund Management opened a new position in Tesla with a total of 29,883 shares worth more than $20 million. The management fund has added investments in Ford, Uber and Twitter while adding to existing stakes in Lucid and Neo.
Earlier this year, Soros sold 1.26 million shares in General Motors. The decision to buy a new $20 million share in Tesla stock was made by Tesla shareholders in 2016. This is after they approved the 3:1 stock split on August 25.
Along with Tesla, the fund has been short-selling, and has also invested in several electric vehicle stocks this year. It held 8 million Proterra shares in Q1 2022 but currently holds 2.82 million. In Q1, it liquidated its stake in Fisker and Li-Cycle, a lithium-ion recycling company.
The management fund bought 29.5 million shares in Ford, which predicts that it will sell 27,140 EVs in the US in 2021, compared to Tesla’s 930,422 EVs and reached 936,172 EVs. Ford began delivering the F-150 Lightning EV in May, and since then the company has seen a jump in EV sales. Ford has ramped up EV production and projected 76.6% growth in EV sales in June 2022 compared to June 2021.
Perhaps the success Ford is seeing in the EV space has forced CEO Elon Musk.
“At Ford, we are truly on a mission to lead the electric and digital revolution for the many, not the few. And the shining light for us at Ford, I must say, is that this beautiful lightning bolt on the road is made in Dearborn, right here in the state of Michigan, already the industry leader of all EV pickup trucks in America.” Ford CEO Jim Farley added, “Take that, Elon Musk.
Soros’ investments in both companies and other EV automakers like Lucid are prompting more investors to consider investing in EV stocks.
Disclaimer: Jonah is a tall Tesla.
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