Goldman Sachs sold $ 10.5 billion worth of shares

News

Goldman Sachs sold $ 10.5 billion worth of shares

29.03.2021 News

One of the world’s largest investment banks, Goldman Sachs, has sold shares worth $ 10.5 billion because of large package deals, Bloomberg reports, citing a customer newsletter.

The bank sold securities of Baidu Inc., Tencent Music Entertainment Group and Vipshop Holdings Ltd. worth $ 6.6 billion before the opening of American markets.

The bank then sold shares in ViacomCBS Inc., Discovery Inc., Farfetch Ltd., iQiyi Inc. and GSX Techedu Inc. worth $ 3.9 billion.

Bloomberg, citing sources, writes that the American financial conglomerate Morgan Stanley was in charge of most of the proposals. The amount of individual transactions reached one billion dollars.

It is noted that the sale of shares led to fluctuations in the value of each security that participated in major transactions. Traders became concerned and began to talk about the fact that some hedge fund or family office had problems that forced them to sell shares. The sale of securities has led to a fall in the value of shares of major Chinese and American companies, including Alibaba Group Holding Ltd. and NetEase Inc., but the market soon recovered.

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