- The family office of Alibaba Group Holding Limited BABA co-founder Joe Tsai has sold almost all of its U.S. stocks, Bloomberg reports.
- Blue Pool Capital has ditched holdings in over 30 U.S.-listed companies, mainly in the tech sector, since 2021.
- The companies included Alphabet Inc GOOG GOOGL, Microsoft Corp MSFT, and Twitter Inc TWTR.
- It only held a 9.8% stake in Blue Owl Capital Inc OWL as of June, down from 14% in December.
- Blue Pool invested in over ten unlisted startups globally since early 2021 in sectors including sports, blockchain, and health care.
- It is a growing trend that has caught up with wealthy investors as private asset valuations are typically less susceptible to rising rates, slowing economic growth and widespread inflation.
- Softbank Group Corp’s SFTBY Vision Fund suffered a record $23 billion loss due to the tech meltdown. Most of the losses came from a plunge in the valuations of portfolio companies, including Coupang, Inc CPNG and DoorDash, Inc DASH.
- Price Action: BABA shares traded lower by 1.84% at $88.93 in the premarket on the last check Thursday.
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