The family office of Alibaba Group Holding LimitedBABA co-founder Joe Tsai has sold almost all of its U.S. stocks, Bloomberg reports.
Blue Pool Capital has ditched holdings in over 30 U.S.-listed companies, mainly in the tech sector, since 2021.
The companies included Alphabet IncGOOGGOOGL, Microsoft CorpMSFT, and Twitter IncTWTR.
It only held a 9.8% stake in Blue Owl Capital IncOWL as of June, down from 14% in December.
Blue Pool invested in over ten unlisted startups globally since early 2021 in sectors including sports, blockchain, and health care.
It is a growing trend that has caught up with wealthy investors as private asset valuations are typically less susceptible to rising rates, slowing economic growth and widespread inflation.
Softbank Group Corp’s SFTBY Vision Fund suffered a record $23 billion loss due to the tech meltdown. Most of the losses came from a plunge in the valuations of portfolio companies, including Coupang, IncCPNG and DoorDash, Inc DASH.
Price Action: BABA shares traded lower by 1.84% at $88.93 in the premarket on the last check Thursday.
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