Billionaire Soros buys stake in EV startup Rivian

Rivian Automotive's stock jumped more than 12 percent Monday morning, after securities filings from Friday night showed that billionaire investor George Soros bought nearly 20 million shares of the electric truck startup in the last quarter of 2021.

The 19.8 million shares, worth about $2 billion at the time, make Soros Fund Management among the most prominent investors in the EV company.

Rivian, which is 20% owned by Amazon, is expected to provide the e-commerce company with more than 100,000 electric trucks.

Rivian said in December that it expected production to fall "a few hundred vehicles short" of last year's target due to supply chain constraints, highlighting the likely challenges in ramping up production to take on market leader Tesla.

Shares of Rivian are down roughly 40% for the year to date, and the stock price has lost about two-thirds of its value from the high it touched on Nov. 16, less than a week after it raised $12 billion in the largest stock debut of 2021.