• Friday, March 01, 2024
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BusinessDay

Billionaire George Soros sells Alibaba shares

Alibaba

The fund owned by the billionaire George Soros has sold most of its shares in the Chinese online retail firm Alibaba.

Soros Funds Management now holds just 60,000 shares worth $4.88m, according to a regulatory filing.

That is down from $370m worth of shares at the end of March.

Alibaba

Alibaba listed in New York last September. Its shares hit record highs in November but since then have fallen by 37%.

Last week, the company disappointed analysts on Wall Street with its latest quarterly results, reporting its slowest quarterly revenue growth in three years, up 28% to $3.2bn.

Soros’s firm also sold shares in the Chinese online search engine Baidu, but bought shares in Time Warner and Facebook.