Soros Lost $65 Million So Far in His Investment With Rival Car Company
Why did the Biden administration sign orders calling for 50 percent of all new vehicles to be Electric Vehicles (EVs) or plug-in hybrids by 2030?
Most recently the White House earmarked $5 billion for the creation of a nationwide network of EV-charging stations. They are now proposing dramatically expanding tax credits for electric vehicles that benefits Rivian, but not foreign competitors.
In November 2021, Soros, in his largest possible investment ever, put in over $2 billion to acquire shares in Rivian Automotive, a start-up electric vehicle manufacturer. It was built up as an extraordinary new competitor in the electric vehicle market. Soon after Soros bought in, significant shares were acquired by Amazon (20 percent of the company) and Ford (12 percent).
🔹Publically, it is noted that shares of Rivian make up almost one-third of Soros Fund Management’s total assets, an enormous investment gamble to make on just one entity.
🔹When Soros bought in, Rivian shares were priced somewhere between $100 and $170 per share. On April 20, 2022 their shares sold for less than $34 and ended the day at $36.26.
🔹Soros’s shares have decreased by more than 65 percent ($1.3 billion) in just a few months. This is tragic, even for Soros, whose net worth is $8.6 billion according to the latest estimates.
Biden Hates Musk
Despite the strong reputation of Tesla–the nation’s largest EV manufacturer–Joe Biden has refused to work with Elon Musk at every turn, in favor of the Democrat’s favorite sugar daddy investor, Soros.
Biden continues to frequently cheer for Rivian and Ford, one of Rivian’s largest shareholders, inspite of their far lower production.
🔹In February 2022, Biden applauded Rivian, calling it “an innovative younger [company]” that builds electric trucks.
🔹In March 2022, in his State of the Union address, Biden cheered Ford, which owns 12 percent of Rivian, for investing billions in electric vehicle manufacturing, while clearly neglecting to mention Tesla.
Like Disney, windmills, vaccines, mainstream media, and other Biden recommendations, the value continues to plummet for Rivian.
🔹They have only been able to deliver less than 2,000 EVs in the first five months, well under their promised projections.
🔹They increased the price by about 20 percent of their two vehicle models, a pickup truck and an SUV.
🔹Gravely concerned, investors have filed a class action lawsuit against the company.
Concurrently, Biden continues to help the Soros investment with two unpopular initiatives:
1. Keep the costs of gas and deisel automotive fuel increasing.
2. Signing an executive order to force government fleets to be all electric.
According to the General Services Administration, the federal government owned 645,000 vehicles as of 2019, just 3,200 of them fully electric and 1,260 gas hybrids.
Meanwhile, 280 million vehicles are traveling on US roads in 2022. Of the 17.1 million vehicles sold in the US in 2019, only 1.4 percent were fully electric.
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