New York Shares of Alibaba (NYSE: BABA; HKEX: 09988) dipped 3% by midday Monday after it was reported that the Bill & Melinda Gates Foundation Trust sold all the stock it held in China’s largest online retailer.
One of the world’s biggest foundations at the end of the third quarter sold 552,383 American depositary receipts of Alibaba; thus ending last year with no remaining holdings in the company, as reported by Barron’s over the weekend.
In the past month or so, Alibaba had been riding some momentum after investors’ nerves appeared to have quelled over headwinds that have been surrounding the e-commerce giant. In particular, intense regulatory pressure brought to bear on the company from an antitrust probe, as well as founder Jack Ma temporarily disappearing from the public view. However, the stock is still down significantly from where it was in the autumn.
At the close of trading in Hong Kong Monday, Alibaba finished 2% lower at HK$250.60 per share.
In addition to Alibaba, the Gates foundation also exited its position in ride-sharing company Uber (NYSE: UBER), while halving its stake in smartphone maker Apple (Nasdaq: AAPL). In the fourth quarter, the foundation sold all of the 26,767 shares it had owned in Uber and 1 million shares in Apple. Now, the foundation owns just 1 million shares of Apple.
Intraday, shares of Apple and Uber were trading 2% and 3% lower from Friday’s close, respectively.
Meanwhile, the Gates trust increased its holdings in Schrodinger (Nasdaq: SDGR) by 2 million to end last year with a total of 7 million shares. Schrodinger, which offers a computational platform to accelerate drug discovery, watched its shares on Monday hit an all-time high of $117. New York-based Schrodinger has been listed on Nasdaq since February 2020 and has traded well above its IPO price of $17 per share.
So far this year, Alibaba’s New York stock has risen 13% year-to-date.