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Goldman Sold $10.5 Billion of Stocks in Block-Trade Spree

Trade was part of a selling spree that erased $35 billion
ViacomCBS, Discovery, Baidu, TME among those hit hard

Video player cover image — WATCH: Bloomberg’s Sridhar tar Natarajan has found out why and how Goldman Sachs Group Inc. made itself a player in the block trading saga. (Source: Bloomberg)

By

Gillian Tan, and

March 27, 2021, 3:54 PM UTCUpdated onMarch 27, 2021, 6:24 PM UTC

Goldman Sachs Group Inc. liquidated $10.5 billion worth of stocks in block trades on Friday, part of an extraordinary spree of selling that erased $35 billion from the values of bellwether stocks ranging from Chinese technology giants to U.S. media conglomerates.

The Wall Street bank sold $6.6 billion worth of shares of Baidu Inc., Tencent Music Entertainment Group and Vipshop Holdings Ltd. before the market opened in the U.S, according to an email to clients seen by Bloomberg News.