George Soros buys Tesla ($TSLA) and other tech stocks
According to a Friday filing with the Securities and Exchange Commission, George Soros has increased his investments in several technology stocks. Soros Fund Management opened a new position in Tesla with a total of 29,883 shares worth over $20 million. The management fund also added investments in Ford, Uber and Twitter while adding to existing states in Lucid and Nio.
Earlier this year, Soros sold its 1.26 million shares at General Motors. His decision to buy a new $20 million stake in Tesla stock comes just after Tesla shareholders voted in favor of a 3:1 stock split that will take place on August 25.
Along with Tesla, the fund has sold lower and also invested in various electric vehicle stocks this year. He owned 8 million shares of Protera in the first quarter of 2022 but currently owns 2.82 million. In the first quarter, he sold his shares in Fisker and Li-Cycle, which is a lithium-ion recycling company.
The management fund bought 29.5 million shares of Ford which sold 27,140 EVs in the United States in 2021, compared to 930,422 EVs produced and 936,172 EVs delivered by Tesla. Ford started delivering its F-150 Lightning EV in May and since then the company has seen its electric vehicle sales jump. Ford also increased its production of electric vehicles and recorded a 76.6% growth in electric vehicle sales in June 2022 compared to June 2021.
Perhaps Ford’s success in electric vehicles encouraged its CEO to push Elon Musk.
“We’re really on a mission at Ford to lead an electric and digital revolution for many, not a few. And I have to say the light that shines for us at Ford is this beautiful Lightning made just down the road in Dearborn, right here in the state of Michigan, already the leader of all electric pickups in our industry in the United States,” said Ford CEO Jim Farley, who added, “Take that, Elon Musk.
Soros’ investments in both companies as well as other automakers such as Lucid will most likely entice more investors to consider investing in electric vehicle stocks.
Disclaimer: Johnna is long Tesla.