Read more about Goldman Sachs Group sells over $10-billion stocks in block trades on Business Standard. The trades triggered price swings for every stock involved in the high-volume transactions
As Wall Street speculated on the identity of the mysterious seller behind the massive $10.5 billion in block trades executed by Group, investors also pondered just how unprecedented the selloff was — and whether there’s more to come. The sales lit up trader chat rooms from New York to Hong Kong and were part of an extraordinary spree that erased $35 billion from the values of bellwether stocks ranging from Chinese technology giants to US media conglomerates. Goldman sold $6.6 billion worth of shares of Baidu, Tencent Music Entertainment Group and Vipshop Holdings Ltd. before the market opened in the U.S., according to an email to clients seen by Bloomberg News. That move was followed by the sale of $3.9 billion of shares in ViacomCBS Inc., Discovery Inc., Farfetch, iQiyi Inc. and GSX Techedu Inc., the email said. Block trades — the sale of a large chunk of stock at a price sometimes negotiated outside of the market — are common, but the size of these trades and the multiple blocks hitting the market during the normal trading hours aren’t.
