September 28, 2023

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Tiger Global Exits Rivian, Netflix Stakes In Q1: What It Bought

Hedge fund Tiger Global dissolved its stake in Rivian Automotive Inc RIVN and Netflix Inc NFLX in the very first quarter and significantly lowered its publicity to Uber Technologies Inc UBER. It much more than doubled its positions in Chinese EV makers Xpeng Inc XPEV and Li Auto Inc LI, in accordance to regulatory filings.

What Happened: The Chase Coleman-established hedge fund, common for its mega bets on technology firms, entirely exited its placement in Rivian, the high-profile EV maker that went general public previous 12 months and has been underneath stress just after missing some key manufacturing and supply targets.

Tiger Global sold all of the 751,000 shares in Rivian it held at the starting of the calendar year. Rivian shares slumped 55% in the to start with quarter to $46.44. The stock is down 76% yr-to-date.

The hedge fund offered around 1 million shares in online movie streaming system Netflix in the three months from January to March.

Netflix shares dropped 38% in the very first quarter to $373.5. The stock is down 69% so far this year.

See Also: Rivian Sees Cost Focus on Halved At Wedbush: Analyst Sees Likely But It can be Time To ‘Stop The Excuses’

Other Cuts Amid Tech Rout: In a substantial cutback, the total value of New York-based mostly Tiger Global’s inventory publicity fell to $26 billion at the end of the initially quarter, from $46 billion at the conclude of very last calendar year. It experienced reportedly been strike by $17 billion in losses amid this year’s technologies offer-off.

Tiger world wide also exited holiday vacation rental firm Airbnb Inc ABNB and Didi International Inc DIDI all through the identical interval.

In Uber, the hedge fund slashed 93% of its stake as it bought 16.78 million shares in the course of the quarter. Tiger World wide held 1.2 million shares in the car rental enterprise at the stop of March 31.

Uber shares have dropped 14.2% to $35.9 in the initial quarter. Year-to-day the stock is down 46%.

See Also: Ray Dalio’s Hedge Fund Exits Tesla In Q1, Doubles Down On These Chinese EV Gamers As an alternative

Raises Exposure In Chinese EVs: Tiger Worldwide elevated its position in Li Vehicle by 167% to 19.8 million shares and its Xpeng exposure by 120% to 13.7 million at the finish of the very first quarter. 

Li Car and Xpeng shares in the United States fell 15% and 42%, respectively, in the initial quarter. Calendar year-to-day, Li Automobile is down 31%, while Xpeng has fallen 55%.

Tiger World counts Inc JD and Microsoft Corp MSFT amongst its best two holdings.