BUSINESS

Billionaire Soros On The Run

Photo Credit: Harald Dettenborn - George Soros.
Photo Credit: Harald Dettenborn – George Soros.

According to press reports, billionaire George Soros’s family office sold most of its stake in Alibaba Group Holding Ltd. in the second quarter.

The Chinese e-commerce company, Alibaba, is Asia’s largest Internet Company providing consumer-to-consumer, business-to-consumer, and business-to-business sales services via web portals.

The company has seen its stock in a decline mode as the Chinese economy begins to show signs of weaknesses.

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 regulatory filing.

Alibaba has lost about $100 billion of its value since November’s record high.

In addition, Soros’s firm pulled back on its energy holdings during the quarter.

Crude oil reached highs for the year in June, peaking at about $60 a barrel, before plummeting to current levels of about $42.

The family office sold off its stakes in Cenovus Energy Inc. and Suncor Energy Inc. and reduced its holdings in EQT Corp. and Noble Energy Inc.

The family office, which manages about $30 billion, bought a new stake in Time Warner Cable Inc., making the company it’s second-largest U.S. stock holding. The company is awaiting regulatory clearance to merge with Charter Communications Inc. The position was worth $259 million at the end of the quarter.

Yvad Billings, Readers Bureau, Fellow

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