Billionaire Soros Sells Most of Alibaba, Reduces Its Oil Stocks

August 15, 2015 1:18 PM

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Billionaire George Soros’s family office sold almost all of its stake in Alibaba Group Holding Ltd. in the second quarter, as Asia’s largest Internet company saw its stock decline further because of a slowing Chinese economy.

Soros Fund Management owned about $370 million of Alibaba’s American depositary receipts at the end of the first quarter. As of June 30, it held a stake worth $4.9 million, according to a regulatory filing Friday. Alibaba has lost about $100 billion of its value since November’s record high.

Also read: Russia Sells Stake in Oil Giant Rosneft to Glencore, Qatar

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