Soros Fund Management added Tesla shares in Q4 2022, increasing its stake in the company by around 270%. The position is valued at more than $47 million at Monday's closing price.
While Tesla's stock was declining in price last year and investors were panicking, Soros Fund Management seized the opportunity to significantly increase its stake in the manufacturer. It purchased 242,399 Tesla shares during the fourth quarter, according to a filing Monday with the Securities and Exchange Commission. This reflects an impressive increase of around 270%, bringing the fund's total holdings to 332,046 Tesla shares.
Soros Fund Management bought Tesla shares during 2022. In November, it filed a 13F-HR form disclosing ownership of 89,647 shares of Tesla with total holdings valued at $23,779,000 as of September 30, 2022. The fund had filed a previous 13F-HR on August 12, 2022, disclosing 29,883 shares of Tesla at a value of $20,124,000. However, the Q4 acquisition was the largest, and likely reflected a strong belief that the company's financial and operating results in the last quarter of the year will be great. The increase in its Tesla stake shows Soros' growing confidence that the company is on track to achieve its goals, despite market fluctuations.
© 2023, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
Legal Disclaimer --
This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.