Goldman sold $10.5 billion of stocks in block-trade spree: Bloomberg News By Reuters

© Reuters. FILE PHOTO: The Goldman Sachs company logo is seen in the company’s space on the floor of the NYSE in New York

(Reuters) – Goldman Sachs Group Inc (NYSE:) liquidated $10.5 billion worth of stocks in block trades as part of a selling spree that erased $35 billion from the values of stocks of major companies, Bloomberg News reported on Saturday.

The bank sold $6.6 billion worth of shares of Baidu Inc (NASDAQ:), Tencent Music Entertainment Group (NYSE:) and Vipshop (NYSE:) Holdings Ltd, before the U.S. market opened on Friday, the report said, citing an email to clients seen by Bloomberg News. https://bloom.bg/3lYOrZm

Following this, Goldman sold $3.9 billion worth of shares in ViacomCBS (NASDAQ:) Inc, Discovery (NASDAQ:) Inc, Farfetch (NYSE:) Ltd, iQIYI Inc and GSX Techedu (NYSE:) Inc, according to the report.

Goldman Sachs did not immediately respond to a Reuters request for comment.

Most of the unregistered stock offerings were managed by Morgan Stanley (NYSE:), on behalf of one or more undisclosed shareholders, the report added, citing people familiar with the matter.

Calculations based on Bloomberg data showed that some trades exceeded $1 billion in individual companies, the report said.

Shares in ViacomCBS and Discovery tumbled around 27% each on Friday, while U.S.-listed shares of China based Baidu and Tencent Music plunged this week, dropping as much as 33.5% and 48.5%, respectively, from Tuesday’s closing levels.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*