Why Rivian Stock Jumped as Much as 10% Monday
Shares of electric-vehicle (EV) start-up Rivian Automotive (NASDAQ: RIVN) spiked 10% early Monday morning after a filing showed one well-known billionaire investor made a large investment in the company in the fourth quarter of 2021. As of 10:53 a.m. ET, Rivian shares pulled back slightly, but remained 8.4% above Friday's closing price.
A 13-F filing by Soros Fund Management, the investment fund run by billionaire-investor George Soros, disclosed a nearly 20 million share stake in Rivian as of Dec. 31, 2021. The investment was worth over $2 billion as of the end of the filing period. But a subsequent drop in Rivian shares means the billionaire's investment has lost over $800 million in value to date.
Image source: Rivian Automotive.
Source Fool.com
