(Reuters) – On Friday, big blockchain businesses that sparked a wave of sales in a group of companies were boosted by sales of more than $ 10 billion executed by Goldman Sachs Group Inc., media reported on Saturday.
Shares of ViacomCBS and Discovery fell about 27% each Friday, while U.S.-listed shares of Baidu and China-based Tencent Music fell during the week, falling to 33.5% and 48.5%, respectively, of Tuesday’s closing levels.
Eric Handler of MKM Partners, which covers Discovery, said Friday that large blocks of shares from Viacom and Discovery companies were put on the market on Friday, which would likely aggravate the falls.
An email to customers seen by Bloomberg News said Goldman sold $ 6.6 billion worth of shares of Baidu Inc., Tencent Music Entertainment Group and Vipshop Holdings Ltd, before the U.S. market opened on Friday, according to the ‘Saturday report. bloom.bg/3lYOrZm
Following that, Goldman sold $ 3.9 billion worth of shares to ViacomCBS Inc., Discovery Inc., Farfetch Ltd., iQIYI Inc. and GSX Techedu Inc., according to the report.
A source familiar with the matter said Saturday that Goldman was involved in the big blogging trades.
Goldman Sachs did not immediately respond to Reuters’ request for comment.
The Financial Times reported that Morgan Stanley sold shares worth $ 4 billion earlier in the day, followed by another $ 4 billion in the afternoon.
Morgan Stanley declined to comment.
The Financial Times reported that Goldman told counterparties that sales were caused by “forced deleveraging,” citing people familiar with the matter.
CNBC reported here that the selling pressure was due to the liquidation of positions by the family office Archegos Capital Management, citing a source with direct knowledge of the situation. A person from Archegos who answered the phone declined to comment.
Reports from Juby Babu to Bengaluru; Additional reports from Ken Li, Megan Davies and Sinead Carew; Edited by Diane Craft and Daniel Wallis