Goldman sold $ 10.5 billion worth of stock in a wave of block trading

Goldman Sachs Group Inc. sold $ 10.5 billion worth of shares in block trading on Friday, part of an extraordinary selloff that wiped out $ 35 billion of the values ​​of leading stocks ranging from Chinese tech giants to conglomerates of American media.

The Wall Street bank sold shares of Baidu Inc., Tencent Music Entertainment Group and Vipshop Holdings Ltd. worth $ 6.6 billion before the market opened in the US, according to an email seen to clients. by Bloomberg News.

That move was followed by the sale of $ 3.9 billion of shares in ViacomCBS Inc., Discovery Inc., Farfetch Ltd., iQiyi Inc. and GSX Techedu Inc., according to the email.

Morgan Stanley was said to be managing more of the unregistered share offerings, according to people familiar with the matter, on behalf of one or more undisclosed shareholders. Some of the operations exceeded $ 1 billion in sole proprietorships, calculations based on Bloomberg data Show.

Maeve DuVally, a spokeswoman for Goldman Sachs, declined to comment. A Morgan Stanley spokesperson declined to comment.

Price variations

The sell-off sparked price swings for all stocks involved in high-volume trading, while also shaking up some of their industry counterparts. It also stimulated speculation among some operators of forced sales by the liquidation of a fund.


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