Daily Management Review

Goldman Sachs arranges $10.5B sell-off


Goldman Sachs, one of the world's largest investment banks, sold off shares in eight companies for a total of $10.5 billion on Friday, Bloomberg reported.

The securities were sold in two stages. Shares in Baidu, Tencent Music Entertainment Group and Vipshop worth $6.6 billion were sold before the U.S. markets opened. The bank then sold securities in ViacomCBS, Discovery, Farfetch, iQiyi and GSX Techedu for $3.9 billion.

The bulk of the offerings were reportedly managed by Morgan Stanley on behalf of one or more shareholders, whose names were not disclosed. Individual deals were valued at up to $1 billion, the agency reported.

The sale of the securities caused anxiety among traders and fluctuations in the share price of each company involved in the large package deals.

The news caused shares of major Chinese and US companies, including Alibaba and NetEase, to plummet, but the market later recovered.

source: bloomberg.com