- A wave of selling in a handful of stocks on Friday was sparked by a $20 billion margin call for Archegos Capital.
- Archegos is the family office of former Tiger Management portfolio manager Bill Hwang.
- These are the 8 stocks that plummeted on Friday as margin calls led to a $20 billion forced liquidation of Archegos Capital.
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A wave of multi-billion share blocks for a handful of stocks hit the market on Friday as Archegos Capital was hit with a $20 billion margin call.
The highly-leveraged firm, which is the family office of former Tiger Management trader Bill Hwang, was forced to liquidate its stocks as a number of positions moved against it. Banks including Goldman Sachs, Morgan Stanley, and Credit Suisse offered numerous share blocks that led to a precipitous decline in several US and Chinese stocks on Friday.
More than $35 billion in market value was wiped away from these stocks as the selling intensified on Friday.
These are the 8 stocks that plummeted on Friday as margin calls led to a $20 billion forced liquidation of Archegos Capital.
8. Baidu
Ticker: BIDU
Friday Gain: 2%. Baidu was down as much as 8% before recovering late Friday.
7. Tencent Music Entertainment
Ticker: TME
Friday Decline: 1%
6. Vipshop Holdings
Ticker: VIPS
Friday Decline: 2%
5. Farfetch
Ticker: FTCH
Friday Decline: 2%
4. iQIYI
Ticker: IQ
Friday Decline: 13%
3. ViacomCBS
Ticker: VIAC
Friday Decline: 27%
2. Discovery Inc.
Ticker: DISCA
Friday Decline: 27%
1. GSX Techedu
Ticker: GSX
Friday Decline: 42%
