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| Billionaire George Soros sells Alibaba shares | Billionaire George Soros sells Alibaba shares |
| (about 1 hour later) | |
| The fund owned by the influential billionaire George Soros has sold most of its shares in the Chinese online retail firm Alibaba. | |
| Soros Fund Management now holds just 60,000 shares worth $4.88m, according to a regulatory filing. | |
| That is down from $370m worth of shares at the end of March. | That is down from $370m worth of shares at the end of March. |
| Alibaba listed in New York last September. Its shares hit record highs in November but since then have fallen by 37%. | Alibaba listed in New York last September. Its shares hit record highs in November but since then have fallen by 37%. |
| Last week, the company disappointed analysts on Wall Street with its latest quarterly results, reporting its slowest quarterly revenue growth in three years, up 28% to $3.2bn. | Last week, the company disappointed analysts on Wall Street with its latest quarterly results, reporting its slowest quarterly revenue growth in three years, up 28% to $3.2bn. |
| Mr Soros's firm also sold shares in the Chinese online search engine Baidu, but bought shares in Time Warner and Facebook. | Mr Soros's firm also sold shares in the Chinese online search engine Baidu, but bought shares in Time Warner and Facebook. |
| Mr Soros, an investor and philanthropist, came a joint second on Forbes' list of highest-earning hedge fund managers this year - bringing in $1.2bn in 2014. | |
| He is famous for speculating against the pound in 1992, contributing to its collapse and exit from the EU exchange rate mechanism (ERM), the forerunner of the euro. |