(Reuters) -Activist investor Elliott Management has sold almost all of its remaining shares in SoftBank Group Corp after previously investing as much as $2.5 billion, the Financial Times reported on Tuesday citing unnamed sources.
Elliott had already cut back its stake as the shares appreciated, supported by a record buyback programme. The Japanese conglomerate’s portfolio has subsequently been hit by a collapse in tech valuations as investors turn sceptical on the high growth stocks it favours.
The exact size and timing of the recent selldown was unknown but took place earlier this year as SoftBank was affected by the tech downturn, the FT reported citing one of the sources.
SoftBank did not immediately respond to a Reuters request for comment. Shares of the company were down about 2% at 0425 GMT, versus a flat broader market.
(Reporting by Mrinmay Dey in Bengaluru and Sam Nussey and Makiko Yamazaki in Tokyo; Editing by Himani Sarkar and Christopher Cushing)