Morgan Stanley also led share offerings on behalf of an undisclosed shareholder or shareholders, Bloomberg reported.
Goldman then sold $3.9 billion worth of shares in media giants ViacomCBS and Discovery, as well as luxury fashion retailer Farfetch, and others, according to the report. The block trades included $6.6 billion worth of shares of Baidu, Tencent and Vipshop before the US market opened on Friday morning, Bloomberg reported, citing an email to clients. PRO-SYNERGY WEALTH & TAX MANAGEMENT LTD has the status: Liquidation and its listed in the following category: Financial intermediation not elsewhere classified. Unlike the gold market, there has been no paper-liquidation in the silver market. PRO-SYNERGY WEALTH & TAX MANAGEMENT LTD was incorporated on Tuesday, as a Private Limited Company with registered address in LICHFIELD.
The move likely came after Archegos was unable to meet a margin call by an investment bank, CNBC and IPO Edge reported, citing sources familiar with the matter.īloomberg reported Saturday that Goldman Sachs liquidated $10.5 billion worth of stocks in block trades, where banks look to find buyers for big stock positions. Defenders of market-manipulation will suggest this was a 'sympathetic reaction' to the gold market except it wasnt. Goldman Sachs and Morgan Stanley liquidated large holdings this week, the news site IPO Edge was first to report, adding that the two investment banks have ties to Archegos.
#Market street liquidation Offline#
The group did not immediately respond to Insider's request for comment and its website appeared to be offline on Saturday. Hwang's fund is "known for employing leverage," IPO Edge reported. Register to bid on pallets and truckloads of appliances, bikes, apparel, sporting goods, home goods, toys, and TVs. Archegos is run by Bill Hwang, the founder of the now defunct Tiger Asia Management. The official B2B liquidation auction marketplace for Walmart Liquidation, offering bulk lots of returned and overstock merchandise. The selloff in the Chinese internet ADRs and US media shares was in part due to the "forced liquidation of positions" held by Archegos Capital Management, CNBC reported, citing a source familiar with the situation.Īrchegos describes itself as a family investment office focusing on equity investments primarily in the US, China, Japan, Korea and Europe. The selloff came as the broader US market ended the week higher, with the Dow closing up over 450 points, buoyed by optimism over the pace of coronavirus vaccinations. Shares of ViacomCBS and Discovery fell as much as 35% Friday, while US-listed shares of China's Baidu, Tencent Music, Vipshop and others also plunged this week. A selling spree erased $35 billion from the stock values of major Chinese tech and US media companies Friday, and Wall Street is speculating it was in part driven by the forced liquidation of an investment firm's holdings.
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