• Investment firm for tech billionaires sold 1 million ADRs
  • Firm took a small, $269,595 position in Elon Musk’s Tesla

Iconiq Capital, which helps manage the fortunes of Silicon Valley billionaires, reduced its position in Alibaba Group Holding Ltd last quarter by about half and purchased shares of Tesla Motors Inc.

Iconiq sold about 1 million American depositary receipts of the Chinese e-commerce company in the second quarter, leaving it 1.19 million shares valued at $94.6 million at the end of June, according to a regulatory filing Friday. That made Alibaba the firm’s third-largest U.S. equity holding at the end of the quarter by market value, behind investments in exchange-traded funds that track the price of gold and global stocks, according to data compiled by Bloomberg.

It also bought shares of automaker Tesla worth $269,595 as of June 30. The holding is small, about 0.06 percent of the firm’s reported stock portfolio, Bloomberg data show.

Iconiq has helped manage money for billionaires including Facebook Inc. co-founder Mark Zuckerberg, Twitter Inc. co-founder Jack Dorsey and Facebook Chief Operating Officer Sheryl Sandberg. The San Francisco-based firm was founded in 2011 by a group including former Goldman Sachs Group Inc. and Morgan Stanley financial adviser Divesh Makan. He’s described the team at Iconiq as “Mark’s family office.”

A woman who answered the phone at Iconiq and didn’t give her name said the firm had no comment on the regulatory filing.

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