Billionaire investor George Soros has built a US$2bn stake in electric vehicle start-up Rivian Automotive Inc (NASDAQ:RIVN).
Soros Fund Management acquired roughly 20mln shares in the company towards the end of last year, according to a report in Reuters, citing regulatory filings.
The purchases make Soros one of the most prominent investors alongside Amazon.com Inc, which holds a 20% stake and has up to 100,000 electric vans on order.
Rivian said in December it expected production targets to fall short due to supply chain issues and the challenges involved with ramping up production to take on market leader Tesla.
The stock is down almost 70% from a high in November, less than a week after it raised $12 billion in the largest stock debut of 2021.