George Soros dumps Tesla amid stock rebound – so…

George Soros dumps Tesla amid stock rebound – so…


billionaire investor George Soros’ The Family Office has made several changes portfolio holdings in the first quarter, according to 13F filed by the fund on Friday.

EVs out of favor: Soros Fund Management sold his entire inventory Tesla, Inc. TSLA in the first quarter and sold a portion of its stake in Tesla’s peer and electric vehicle startup Rivian Automotive, Inc. RIVN.

From 132,046 shares held at the end of the fourth quarter, the fund’s Tesla stake fell to zero in the first quarter. Incidentally, Tesla stock rebounded in the first quarter after a forgetful performance in 2022.

Soros also reduced its Rivian holdings by over 75%, holding just 3.58 million shares at the end of the first quarter.

The billionaire’s fund also sold all 500,000 shares it owned in a Chinese electric car startup Nio, Inc. NOK.

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Soros’ new purchases: The Soros fund has opened new positions in the streaming giant Netflix, Inc. NFLXretail giant Walmart, Inc. WMTChinese e-commerce retailer, Inc. JD and railway operators CSX Corp. CSX And Norfolk Southern Corp. NPC.

The number of shares held by the above companies are as follows:

Netflix: 35,000

Walmart: 5.06 million

JD: 8.78 million

CSX: 363,483

Norfolk Southern: 27,075

Other important changes: The Soros Fund dissolved it Amazon, Inc. AMZN Exposure up 21.62% to 706,561 shares. In the wake of the banking crisis, the fund also reduced its holding First Horizon Bancorp FHN by 14.37% to 7.31 million shares.

Walt Disney Co. DIS The stake was reduced by three quarters to 46,400 shares from 189,609 shares held at the end of the fourth quarter.

The Fund increased its exposure to Qualcomm, Inc. QCOM And Nike, Inc. NKErepresenting an increase of over 50% and 162% to 104,350 and 166,720 shares, respectively.

Continue reading: EXCLUSIVE: Benzinga’s Favorite Hedge Funds to Watch During 13F Season

Photo: Shutterstock


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