Business
Mystery block trade frenzy slashes $46b from Wall Street – The Australian Financial Review
Trades of more than $1 billion each were part of an extraordinary spree of selling on Wall Street, triggering speculation a hedge fund could be in the process of…
Goldman Sachs and Morgan Stanley declined to comment.
The liquidation triggered price swings for every stock involved in the high-volume transactions, while rattling some of their industry counterparts.
It also spurred speculation among some traders of forced selling by a fund being liquidated.
Larry Chen, founder and chairman of GSX, lost $US3.1 billion as depositary receipts of his online education company tumbled amid the block trade barrage.
Shares in the Chinese company plunged 42 per cent…
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