Japanese technology investor SoftBank has moved to sell almost all of its remaining shares in Alibaba, the Financial Times reported, sending the Chinese e-commerce major's stock tumbling
forward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%.
SoftBank said the transactions reflected a shift to "defensive mode" to address an uncertain business environment and that it would provide details in its quarterly earnings results announcement in May, the British newspaper reported. Vision Fund, which upended the tech world with big bets on startups, posted a staggering 8 trillion yen loss in calendar 2022 as market turmoil slashed portfolio firms' valuations, prompting SoftBank to raise cash.- a type of derivative contract that allows investors to hedge risk.
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