Tiger Global Exits Rivian, Netflix Stakes In Q1 — Doubles Down On These Chinese EV Makers Instead

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

What Happened: The Chase Coleman-founded hedge fund, popular for its mega bets on technology firms, completely exited its position in Rivian, the high-profile EV maker that went public last year and has been under pressure after missing some key production and delivery targets.

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

The hedge fund sold over 1 million shares in online movie streaming platform Netflix in the three months from January to March.

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

See Also: Rivian Sees Price Target Halved At Wedbush: Analyst Sees Potential But It's Time To 'Stop The Excuses'

Other Cuts Amid Tech Rout: In a significant cutback, the total value of New York-based Tiger Global’s stock exposure fell to $26 billion at the end of the first quarter, from $46 billion at the end of last year. It had reportedly been hit by $17 billion in losses amid this year’s technology sell-off.

Tiger global also exited vacation rental firm Airbnb Inc ABNB and Didi Global Inc DIDI during the same period.

In Uber, the hedge fund slashed 93% of its stake as it sold 16.78 million shares during the quarter. Tiger Global held 1.2 million shares in the car rental company at the end of March 31.

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

See Also: Ray Dalio's Hedge Fund Exits Tesla In Q1, Doubles Down On These Chinese EV Players Instead

Raises Exposure In Chinese EVs: Tiger Global increased its position in Li Auto by 167% to 19.8 million shares and its Xpeng exposure by 120% to 13.7 million at the end of the first quarter. 

Li Auto and Xpeng shares in the United States fell 15% and 42%, respectively, in the first quarter. Year-to-date, Li Auto is down 31%, while Xpeng has fallen 55%.

Tiger Global counts JD.com Inc JD and Microsoft Corp MSFT among its top two holdings.