Billionaire George Soros reveals stake in Rivian, sells some tech shares

Rivian shares have sunk 43% year to date, after reporting it fell short of its 2021 production goals and after reports that a battery-production deal with Samsung SDI Co. 006400, -3.84% fell through. Rivian Chief Financial Officer Claire McDonough said in early January that the company intends to put growth ahead of profit for the time being, following its massive IPO in November.

Rivian shares soared after the company went public, helping boost the fourth-quarter bottom line for major stakeholders such as Amazon.com Inc. AMZN, +2.69% and Ford Motor Co. F, +0.06%.

Friday’s filing also disclosed that Soros Fund Management reduced its holdings in Big Tech in the fourth quarter, trimming its positions in Amazon and Google parent Alphabet Inc. GOOGL, +1.18%, as well as selling part of its stake in the Invesco QQQ Trust Series 1 ETF QQQ, +0.81%, the largest ETF tracking the Nasdaq-100. It also revealed a roughly $13.3 million stake in Peloton Interactive Inc. PTON, -2.74%.