June 17, 2024
George Soros bet on railroads, fitness, gig economy and lightened load on Disney, Amazon, dumped Tesla

George Soros bet on railroads, fitness, gig economy and lightened load on Disney, Amazon, dumped Tesla

George Soros’s Soros Fund Management placed new bets on railroads and the gig economy during the first quarter, recalibrated its holdings in a struggling media industry and dumped electric-vehicle maker Tesla Inc.

During the first quarter, the fund scooped up 363,483 shares of railroad operator CSX Corp. CSX, +0.09%, according to a filing. The fund also bought 27,075 shares worth of Norfolk Southern Corp. NSC, +0.76%, whose train derailment and chemical spill in Ohio this year raised bigger questions about railroad-industry safety.

The fund also cut its holdings in Walt Disney Co. DIS, -0.35% to 46,000 shares, from 189,609 in the prior quarter. It also lowered its position in Amazon.com Inc. AMZN, -1.71% to 706,561 shares, from 901,482 over that period. However, the Soros fund acquired 35,000 shares of Netflix Inc. NFLX, -1.41%. The media and e-commerce industries have faced layoffs, amid a slowdown in digital advertising and online shopping demand.

Soros Fund Management also bought 66,075 shares of food-delivery service DoorDash Inc. DASH, -2.01%.

The fund also made some plays toward fitness. The fund upped its stake in Nike Inc. NKE, -1.64% by 161.6% with the purchase of 103,000 shares. Soros also bought 34,300 shares of Walmart Inc. WMT, -0.03%.

The fund sold off its positions in American Airlines Group Inc. AAL, -0.36% and Tesla TSLA, -2.38%.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *