George Soros Net Worth and Top 5 Holdings Heading into 2023

1. Rivian Automotive, Inc. (NASDAQ:RIVN)

Value of Soros Fund Management‘s 13F Position: $538 million

Number of Hedge Fund Shareholders: 30

Rivian Automotive, Inc. (NASDAQ:RIVN) remained George Soros’ top holding for the fourth straight quarter in Q3. Soros Fund Management sold off 9% of its stake in the company during Q3, leaving it with 16.4 million RIVN shares, which trailed only Philippe Laffont’s Coatue Management among the select group of prominent hedge funds tracked by Insider Monkey’s database.

Rivian Automotive, Inc. (NASDAQ:RIVN) appears to be in a good position to scale up its production and meet the growing demand for its electric vehicles, including an order for 100,000 vehicles from Amazon and 114,000 preorders, the latter of which grew by 16,000 during Q3. The company believes it has enough cash to last it through 2025, which gives it plenty of time to build production and improve its profitability metrics. Rivian grew vehicle production by 67% quarter-over-quarter in Q3, rolling 7,363 vehicles off its lines.

Meridian Funds remains bullish on Rivian Automotive, Inc. (NASDAQ:RIVN), but sold off its stake recently due to its less attractive relative valuation, as the fund discussed in its Q3 2022 investor letter:

“Rivian Automotive, Inc. (NASDAQ:RIVN) manufactures electric vehicles (EVs) for the consumer and commercial markets. We initially invested in the company when it was privately owned. Among the many things that differentiate this startup is its substantial cash balance and relationship with Amazon, which is both an investor in the company and the first customer for Rivian’s commercial van. Several positive developments contributed to share strength in the quarter, including the company’s announcement that production of its R1 pickup trucks and EV delivery vans increased nearly 70% over the previous quarter. Management also reaffirmed its production target of 25,000 vehicles for 2022. Despite raising the price of its R1 truck earlier this year, Rivian continued to see strong demand for its vehicles, demonstrated by 98,000 pre-orders for its R1 truck and SUV. Although we are pleased with the company’s progress, we liquidated our position as Rivian approached the high end of our market cap threshold and its relative valuation became less attractive.”

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