As the electric vehicle (EV) market continues to grow, many investors are eager to get in on the action and make money from this burgeoning sector. Billionaires around the world have been placing bets on EV stocks, with some aggressively selling and others buying up shares. Here, we take a look at two EV stocks billionaires are aggressively selling and one they can’t stop buying.
Tesla Inc. (NASDAQ: TSLA)
Tesla has become the poster-child for the EV revolution, and billionaire investors have been quick to snap up shares. However, some are now starting to cash out. Billionaire investor Leon Cooperman sold off his entire stake in Tesla in March 2021, citing his concerns about the company’s lofty valuation and potential regulator backlash. Billionaire hedge fund manager David Einhorn has also been reducing his position in Tesla, having sold off a large chunk of shares in December 2020.
NIO Inc. (NYSE: NIO)
NIO is another Chinese EV stock that has attracted a lot of attention from billionaire investors. However, some have been selling off their stake in the company. Billionaire investor George Soros sold off his entire stake in NIO in February 2021, citing concerns about the company’s future prospects. Billionaire hedge fund manager Steve Cohen also sold off his stake in NIO in March 2021, citing similar concerns about the company’s long-term prospects.
QuantumScape Corporation (NYSE: QS)
QuantumScape Corporation is a battery technology company that has caught the eye of some billionaire investors. Billionaire investor Bill Ackman has been buying up shares in the company, and his firm, Pershing Square Capital Management, now owns a 10% stake in QuantumScape. Billionaire investor George Soros has also been buying shares in the company, having increased his stake by nearly 10% in March 2021.
These three EV stocks have been attracting a lot of attention from billionaire investors recently, with some aggressively selling off their positions and others buying up shares. While Tesla and NIO have seen some selling pressure from billionaire investors, QuantumScape continues to draw the attention of billionaires, who are increasingly confident in the company’s long-term prospects.
