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SoftBank Offloaded Stake Worth 2B In DoorDash

  • SoftBank Group Corp's (OTC: SFTBY) (OTC: SFTBF) Vision Fund had offloaded shares worth $2 billion in DoorDash Inc (NYSE: DASH).

  • On October 27, SoftBank's Vision Fund unloaded 10 million shares at $202.815 a piece, the filing with the U.S. SEC said.

  • In May, SoftBank sold $1 billion worth of DoorDash stock and raised $2.2 billion from a sale in August, Bloomberg reports.

  • The latest sale of DoorDash stock leaves SoftBank with 33.6 million shares, or 11% stake, marking just over half of the stake it held at the time of the listing in December.

  • SoftBank reflected a new appetite for exits to finance the accelerating pace of deal-making at his Vision Fund investment arm. SoftBank's selloff included significant portions of its stakes IPO hits like DoorDash, Coupang Inc (NYSE: CPNG), and KE Holdings Inc (NYSE: BEKE).

  • SoftBank used the stakes to borrow billions of dollars. Vision Fund arranged two margin loans in September, regulatory filings show.

  • The loans will help fund distributions to investors, including sovereign wealth funds from Saudi Arabia and Abu Dhabi, Tokyo-based SoftBank Group.

  • Price Action: DASH shares traded higher by 0.46% at $195.69 premarket the last check Monday.

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