New York: Iconiq Capital, which helps manage the fortunes of Silicon Valley billionaires, reduced its position in Alibaba Group Holding Ltd last quarter by about half and purchased shares of Tesla Motors Inc.
Iconiq sold about 1 million American depositary receipts of the Chinese e-commerce company in the second quarter, leaving it 1.19 million shares valued at $94.6 million (Dh347 million) at the end of June, according to a regulatory filing Friday. That made Alibaba the firm’s third-largest US equity holding at the end of the quarter by market value, behind investments in exchange-traded funds that track the price of gold and global stocks, according to data compiled by Bloomberg.
It also bought shares of automaker Tesla worth $269,595 as of June 30. The holding is small, about 0.06 per cent of the firm’s reported stock portfolio, Bloomberg data show.
Iconiq has helped manage money for billionaires including Facebook Inc co-founder Mark Zuckerberg, Twitter Inc co-founder Jack Dorsey and Facebook Chief Operating Officer Sheryl Sandberg. The San Francisco-based firm was founded in 2011 by a group including former Goldman Sachs Group Inc and Morgan Stanley financial adviser Divesh Makan. He’s described the team at Iconiq as “Mark’s family office.”
A woman who answered the phone at Iconiq and didn’t give her name said the firm had no comment on the regulatory filing.
