Yet Another Billionaire Buys Rivian Stock: Should You Too?
Barely days ago, the stock of Rivian Automotive (NASDAQ: RIVN) caught the market's attention when billionaire George Soros' investment fund revealed a stake in the electric vehicle (EV) start-up. Turns out, Soros isn't the only billionaire that eyed Rivian.
In its latest 13F filing with the Securities and Exchange Commission, activist investor and billionaire Dan Loeb's hedge fund, Third Point, revealed ownership of 4,046,572 shares of Rivian for the quarter ended Dec. 31, 2021. As of that date, Third Point's Rivian stake was valued at roughly $408.3 million.
Notably, Third Point didn't own any shares in Rivian until the third quarter, which means something about the EV pickup truck manufacturer must have caught Loeb's attention in the following months. Rivian stock surged Thursday morning on the news, encouraging some to bet on Rivian stock ahead of the company's quarterly earnings release on March 10. Should you jump in, too?
Source Fool.com
