Goldman Sachs dumped its complete stake in Uber late final yr

Goldman Sachs bought its complete stake in ride-hailing large Uber within the fourth quarter, in response to an individual with direct data of the transfer.

The sale, which seemingly resulted in a big achieve for the early investor in Uber, helped the financial institution beat analysts’ expectations for income within the interval.

It seems that Goldman, which reported earnings Wednesday, bought on the earliest alternative: Uber’s post-IPO lockup interval for share gross sales ended in early November.

Goldman took benefit of “harvesting alternatives” within the quarter by promoting a few of its holdings, CFO Stephen Scherr informed analysts Wednesday. He added that the financial institution would proceed to pare investments in public corporations, which totaled $2.four billion at year-end.

Up to now, Goldman’s private and non-private holdings in corporations equivalent to Uber and WeWork have caused volatility in quarterly results, and the agency not too long ago modified its reporting segments to maneuver these actions to its asset administration division.

Goldman reportedly owned about 10 million shares of Uber late final yr.