Goldman sold off $10.5 billion in stocks, to raise cash, on Friday

Goldman sold US$10.5 billion of stocks in block trades on Friday, selling Chinese Tech (Baidu, Tencent) and US media (Viacom CBS and Discovery). In block trades, large volumes of stock are privately negotiated between parties.

Some of the trades exceeded $1 billion in individual companies (calculations from Bloomberg data). Goldman sold $6.6 billion worth of shares of Baidu, Tencent and Vipshop. The bank also sold $3.9 billion worth of shares in ViacomCBS Inc, Discovery Inc, Farfetch, iQIYI and GSX Inc.

Chinese stocks have been under pressure after a warning from the SEC that it’s taking steps to force accounting firms to let U.S. regulators review the financial audits of overseas companies.

On Monday & Tuesday, are markets are going to be hit by another wave of block trades?

What do you think will happen?

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