The family office of billionaire George Soros reduced its holdings in Tesla Inc. (TSLA.O) and Rivian Automotive (RIVN.O), two manufacturers of electric vehicles, in the first quarter while increasing its holdings in Netflix Inc. (NFLX.O). records made available on Friday.
In 2022, Soros purchased stock in Tesla and the electric truck startup Rivian, and in 2018, he invested $35 million in Tesla convertible bonds.
During the quarter, the corporation added additional positions in Netflix, Walmart Inc. (WMT.N), and JD.com, a Chinese e-commerce company. The firm raised its stake in Qualcomm Inc (QCOM.O) by 50.5% to 104,350 shares, nearly tripled its stake in Nike Inc (NKE.N) to 166,720 shares, and expanded its stake in Uber Technologies. To 818,955 shares, the company’s (UBER.N) position nearly tripled. Additionally, the corporation increased its ownership of the railroad companies CSX Corp (CSX.O) and Norfolk Southern Corp (NSC.N). Ohio State University and the U.S. Department of Justice are suing Norfolk Southern over a train disaster on February 3 in which 38 cars, 11 of which held hazardous chemicals, derailed.
The Walt Disney Co (DIS.N) holding was reduced by the firm by 75% to 46,400 shares, and Rivian Automotive Inc (RIVN.O), a manufacturer of electric trucks, by a similar percentage to 3.6 million shares.
Stock prices fluctuated between expectations of containing inflation and the first quarter’s bank failures of Silicon Valley Bank and Signature Bank, which led to the worst bank unrest since the 2008 financial crisis. Each quarter’s position expirations are revealed in 13fs filings that are released six weeks later.
According to Forbes, Soros, 92, is worth an estimated $6.7 billion.