Bloomberg reported that famous American investor and billionaire George Soros sold most of his shares in Alibaba, China’s biggest e-commerce company.
Soros Fund Management owned by the influential investor held 4.4 million shares in Alibaba worth $370 million at the end of Q1.
In its quarterly statement to the US Securities and Exchange Commission, Soros Funds Management said as of June 30, it had slashed its stake to about 60,000 Alibaba shares valued at $4.88 million.
Interestingly, Alibaba conducted the world’s largest initial public offering on Wall Street in 2014 raising $25 billion. Alibaba Group priced its shares at $68 each. They were gaining in value for a few months later. However, since early 2015 the retailer’s shares have lost 26% whereas S&P 500 on the contrary has risen 1.2%.
The group's latest quarterly results, published this week, showed feeble performance and an obvious slowdown in sales, disappointing investors.
