Tesla and other beaten-down stocks are bought by George Soros

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COVER.METALNATION.ORG Tesla, Peloton, Carvana, General Motors, and crypto names, as well as Zoom and Twitter, were among the positions that Soros Fund Management increased in the fourth quarter.

COVER.METALNATION.ORG The electric-vehicle maker had fallen in share price last year, but billionaire investor George Soros still found something to like in the company - and in some other beaten-down names.

COVER.METALNATION.ORG During the fourth quarter, his Soros Fund Management purchased 242,399 Tesla shares, a 270% increase, giving the fund 332,046 Tesla shares. In after-hours trading, Tesla stock increased 0.2%.

COVER.METALNATION.ORG Tesla's chief executive, Elon Musk, has become increasingly frustrated after purchasing Twitter in October. Wall Street viewed that acquisition as a distraction from Tesla's competitive challenges.

COVER.METALNATION.ORG Tesla, and Musk, loomed over Soros' moves in other ways. Cathie Wood's Ark Innovation ETF ARKK, whose largest holding is Tesla, and whose value fell through 2022, was also acquired during the quarter.

COVER.METALNATION.ORG During the fourth quarter, Soros cashed out his Twitter position as Musk prepared to take over.

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