Business

Goldman Sachs vended $10.5 billion worth of stocks

By Aishwarya Gurav

On Saturday, Goldman Sachs Group Inc 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, as per a media report.

Before the U.S. market opened on Friday, The bank sold $6.6 billion worth of shares of Baidu Inc, Tencent Music Entertainment Group, and Vipshop Holdings Ltd, the report said.

After this, Goldman sold $3.9 billion worth of shares in ViacomCBS Inc, Discovery Inc, Farfetch Ltd, iQIYI Inc, and GSX Techedu Inc, according to the report.

Goldman denied replying to media questions.

Most of the unregistered stock offerings were managed by Morgan Stanley, on behalf of one or more undisclosed shareholders, the report added.

Tags: Baidu Inc Goldman Sachs Group Inc. Tencent Music Entertainment Group Vipshop Holdings Ltd

Aishwarya Gurav

Aishwarya Shridhar Gurav is a recent graduate who pursued her degree in Bachelor of Mass Media & Journalism. She is a dynamic, self-motivated, and highly organized individual with a passion for news and an innate desire for authoring. She aims to pen her thoughts which will lead the way to revolution. and can be reached at aishwaryagurav69@gmail.com