VIAC - Tiger cub Archegos is said to liquidate caused VIacomCBS Discovery selloff report says

A liquidation of holdings in Archegos Capital Management, which is run by tiger cub Bill Hwang, led to a major sell of in ViacomCBS (VIAC) and Discovery Inc. (DISCA) shares yesterday, according to a Reuters reportViacomCBS fell 26%, while Discovery dropped 27%. The selling started when Goldman Sachs offered a block of over 30m shares VIAC shares and Morgan Stanley offered over 15m shares, according to reports from Bloomberg and Reuters.The liquidation in Archegos may have been precipitated by a margin call that the fund received from an investment bank that couldn't be met, Reuters said, citing one person familiar.Hwang formerly ran Tiger Asia Management. Hwang didn't respond to Seeking Apha and Reuters requests for comment.Several other stocks such as GSX Techedu (GSX), FarFetch (FTCH) an Iqiyi (IQ) also had large block trades and experiences significant stock declines that several market participants and those on social media attributed to a fund that

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Tiger cub Archegos is said to liquidate, caused VIacomCBS, Discovery selloff, report says