George Soros' fund snapped up Tesla stock, boosting its stake by nearly 50% as Elon Musk's Twitter antics weighed on the automaker's shares
stock last quarter, meaning it likely benefited from the surge in the electric-vehicle manufacturer's stock price this year.
Soros Fund Management bought about 42,000 Tesla shares in the three months ending December 31, lifting its stake by 47% to around 132,000 shares, according to aThe fund also purchased bullish call options — which allow it to buy more shares at a fixed price before a particular date — on another 200,000 shares of the Elon Musk-run automaker.
Excluding those options, the value of the fund's Tesla position actually fell 32% to $16.3 million in the fourth quarter of 2022.concerns about CEO Musk's chaotic Twitter takeoverBut Tesla has rallied 58% this year, likely netting Soros significant gains. Investors have warmed to the stock following a robust fourth-quarter earnings performance and investors' expectation that the cost of borrowing will start to fall before the end of the year.
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