The two market leaders in the electric vehicle space, Tesla and Ford, are the favorites of a famous billionaire investor.
In the competition for electric automobiles, George Soros appears to have chosen his winners.In any event, the iconic investor is positioning his pieces as automakers compete to occupy this market, which is thought to be the future of the automobile at least over the next few years, with loud pronouncements.Soros has recently changed his approach after previously being satisfied to fund fledgling businesses like Lucid (LCID) – Get Lucid Group Inc. Report and Rivian (RIVN) – Get Rivian Automotive Inc. Report. He recently made the decision to invest in Tesla (TSLA) – Get Tesla Inc. Report, the industry pioneer led by its dynamic CEO Elon Musk.
Soros, 92, is placing a wager on Ford (F) as well. Learn more about Jim Farley, the CEO of Ford Motor Company.
According to a regulatory document submitted to the Securities and Exchange Commission (SEC) on August 12 and listing its holdings in stocks that trade in the US as of June 30, the billionaire's company, Soros Fund Management (SFM), has in fact just disclosed that it has purchased 29,883 Tesla shares.
As of June 30, this Tesla investment was worth slightly over $20.1 million. But due to the Tesla stock's approximately 34% increase since June 30, its worth has already increased.
Soros is now investing in Tesla for the first time.What Soros Has in Store
The fact that Soros has staked money on Twitter (TWTR) – Get Twitter Inc. Report as well as Musk and Tesla is remarkable given that the tech tycoon just retracted his $44 billion takeover offer for the microblogging website. Starting on October 17, a trial that will last for five days is scheduled.
29.5 million Ford shares were purchased by Soros Fund Management. The action appears to indicate that Farley's plan, which divided the Dearborn, Michigan, automaker into distinct organizations, has charmed Soros.
Internal-combustion-engine (ICE) or gasoline-powered vehicle-related activities, such as those involving classic vehicles like the F-150, Mustang, and SUV Bronco Sport, were integrated under a group called Ford Blue.
With the introduction of vehicles like the Ford Mustang Mach-E, F-150 Lighting pickup, and more to come, the operations of battery-electric vehicles, in a unit dubbed Ford Model e, are considered as Ford's long-term future.
By 2026, the business hopes to have produced 2 million electric automobiles.
However, in 2021 Ford only sold 27,140 EVs in the United States.
To list their holdings in stocks that trade on US exchanges, managers of funds with more than $100 million in US shares are required by stock market regulations to submit a document known as a 13F within 45 days after the end of the quarter.
The value of Soros' portfolio of US stocks increased over the previous quarter by 5.3% to $5.6 billion. A family firm called Soros Fund Management (SFM) oversees both public and private equity.
According to the company's website, "SFM invests globally across a broad variety of strategies and asset classes, including public equities, fixed income, commodities, foreign currency, alternative assets, and private equity."
According to the Bloomberg Billionaires Index, Soros' estimated net worth as of August 12 was $8.5 billion. He is well known for funding charitable causes. The Open Society Foundations, which assists "people around the world who struggle for justice, equity, and free speech," owns the majority of the assets of his company.
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