© Reuters. FILE PHOTO: The Goldman Sachs company logo is seen in the company’s space on the floor of the NYSE in New York
(Reuters) – Goldman Sachs Group Inc (NYSE:) 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, Bloomberg News reported on Saturday.
The bank sold $6.6 billion worth of shares of Baidu Inc (NASDAQ:), Tencent Music Entertainment Group (NYSE:) and Vipshop (NYSE:) Holdings Ltd, before the U.S. market opened on Friday, the report said, citing an email to clients seen by Bloomberg News. https://bloom.bg/3lYOrZm
Following this, Goldman sold $3.9 billion worth of shares in ViacomCBS (NASDAQ:) Inc, Discovery (NASDAQ:) Inc, Farfetch (NYSE:) Ltd, iQIYI Inc and GSX Techedu (NYSE:) 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:), 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.