In a noteworthy strategic move, George Soros’s investment firm, Soros Fund Management, has divested its entire stake in the electric vehicle manufacturer Rivian Automotive during the third quarter, concurrently establishing a new position in the health care entity Novo Nordisk. This development was revealed in a regulatory filing on Tuesday.
As of September 30, Soros Fund Management successfully liquidated its remaining 4.2 million shares in Rivian. Simultaneously, the firm acquired 1.5 million shares of the pharmaceutical giant Novo Nordisk, reflecting a substantial investment valued at $138.8 million, as indicated in the filing.
Despite Rivian Automotive reporting better-than-expected Q3 results and revising its guidance, the company’s shares experienced an approximate 11% decline since September 30. The market response contrasts with the positive performance indicators from the EV manufacturer.
In the afterhours trading, Rivian Automotive Inc (NASDAQ: RIVN) remained flat, while Novo Nordisk A/S (NYSE: NVO) observed a marginal uptick. This strategic portfolio adjustment by Soros Fund Management underscores its dynamic approach to navigating the ever-evolving landscape of investment opportunities.
