Soros offloads stake in Alibaba and energy companies

George Soros

George Soros

The US billionaire George Soros has reduced his Soros Fund Management’s shareholding in the Alibaba Chinese e-commerce company from $370m to $4.9m, Bloomberg is reporting. sold most of the shares in the online retailer Alibaba; and with crude oil now down to $42 a barrel his firm has also sold off or reduced its stakes in several energy concerns.
Last year, Alibaba was subject of the largest IPO ever conducted in the US. Although the shares came to market at $68bn and initially enjoyed robust growth, it has fallen by 26% since the beginning of the year, compared to the S & P 500 which has grown rose by 1.2%. 

Source: Rosbalt