George Soros’s investment firm cut holdings in electric-vehicle makers, slashing a stake in Rivian Automotive Inc. after a 90% share decline and eliminating an investment in Tesla Inc.

Soros Fund Management sold about 10.8 million shares of Rivian stock in the first quarter, reducing the market value of the stake to $55.4 million, according to a regulatory filing Friday. The remaining 3.6 million shares are about 1.1% of Soros’s roughly $5 billion US equities portfolio, which fell about $687 million in the first quarter.

The New York-based firm also sold off its entire $16 million stake in Tesla, after taking a new stake during a big tech push in the second quarter of 2022. It trimmed other tech-related positions including stakes in Alphabet Inc., Amazon.com Inc., Salesforce Inc. and Intuit Inc.

Rivian had declined about 90% at year-end from its intraday peak in November 2021.

Soros, 92, has a net worth estimated at $8.5 billion, according to the Bloomberg Billionaires Index. He’s poured billions into his philanthropic efforts and has used his fortune to fund groups promoting democracy, human rights and progressive politics through his Open Society Foundations. Most of his firm’s assets belong to the foundations rather than to the Soros family.

Money managers overseeing more than $100 million in US equities have to file a 13F form within 45 days of the end of each quarter to list their holdings in stocks that trade on US exchanges. It’s one of the few places to gain insight into how hedge funds and some large family offices invest.