The family office of Alibaba Group Holding Limited (NYSE: BABA) 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 Inc (NASDAQ: GOOG) (NASDAQ: GOOGL), Microsoft Corp (NASDAQ: MSFT), and Twitter Inc (NYSE: TWTR).
It only held a 9.8% stake in Blue Owl Capital Inc (NYSE: OWL) 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 (OTC: 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, Inc (NYSE: CPNG) and DoorDash, Inc (NYSE: 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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