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

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

Following this, Goldman sold $3.9 billion worth of shares in ViacomCBS (NASDAQ:VIAC) Inc, Discovery (NASDAQ:DISCA) Inc, Farfetch (NYSE:FTCH) Ltd, iQIYI Inc and GSX Techedu (NYSE:GSX) 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:MS), 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.

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