Billionaire investor George Soros’ investment management firm, Soros Fund Management LLC, opened a fresh position in electric vehicle pioneer Tesla, Inc. (NASDAQ: TSLA) and doubled down on beaten-down tech stocks.
EV Holdings: Soros Fund bought 29,883 shares in Tesla, during a quarter when the company came under significant selling amid production disruptions and CEO Elon Musk’s interest in buying Twitter, Inc. (NYSE: TWTR). The firm, however, either completely liquidated or trimmed positions in other EV and EV-related stocks.
The Soros-run firm sold its entire stake in ride-hailing service Lyft, Inc. (NASDAQ: LYFT) and reduced Uber Technologies, Inc. (NYSE: UBER) holdings from 729,297 at the end of the first quarter to 300,000 in Q2.
Soros Exits Positions In UK Oil Giants: The firm sold all of its 3,000 shares in BP plc. (NYSE: BP) and 13,005 shares of Shell plc (NYSE: SHEL). Oil stocks gained during the quarter amid an increase in crude oil prices.
Read Ray Dalio-run Bridgewater Associates' portfolio changes in Q2
Tech Holdings: Soros Fund increased its bets on tech stocks. The firm took a position in Twitter in the first quarter, buying 100,001 shares amid the Musk takeover saga. The firm's other tech transactions were as follows: