By Dhirendra Tripathi
Investing.com – Rivian stock (NASDAQ:RIVN) traded 5.8% higher in premarket Tuesday on disclosures that seven state government employee pension funds as well as a few hedge funds bought into the EV-maker during December quarter.
The Teacher Retirement System of Texas, the California Public Employees Retirement System and the Maryland State Retirement and Pension System as well as pension funds for Utah, Colorado, North Carolina and Wisconsin were among those who picked up the company’s shares, Reuters said, quoting data from fund tracker WhaleWisdom.
CalPERS manages the largest public pension fund in the U.S.
According to reports, several prominent investors including billionaire George Soros and hedge funds like Tiger Global and Daniel S. Loeb’s Third Point also recently bought into the automaker.
Third Point was one of the early investors in Rivian though it is not clear if it still has those shares or sold any part of the holding in the company’s November listing. However, latest reports say the fund holds over 4 million shares of the company, touted as one of the most potent rivals to Tesla (NASDAQ:TSLA). Ford (NYSE:F) and Amazon (NASDAQ:AMZN) are also investors in Rivian.
Rivian was valued at over $161 billion days after its public debut but has since lost 65% of its value.