(Reuters) -The Financial Times reported on Tuesday, citing unnamed sources, that Elliott Management, an activist investor, has sold almost all of its remaining shares in SoftBank Group Corp. In the past, Elliott Management invested up to $2.5 billion in SoftBank Group Corp.
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Elliott had already cut its stake in the company because the shares were going up in value thanks to a record buyback programme. The portfolio of the Japanese conglomerate has since been hurt by a drop in tech stock prices as investors become less confident in the high growth stocks it likes.
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The size and timing of the recent selloff are unknown, but it happened earlier this year when the tech downturn hurt SoftBank, according to the FT, which cited one of the sources.
When Reuters asked SoftBank for a comment, the company did not answer right away. At 04:25 GMT, shares of the company were down about 2%, while the market as a whole was flat.
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