Iconiq Capital cuts holding in Alibaba by half, picks stake in Tesla

Chance Chan / Reuters

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 at the end of June, according to a regulatory filing Friday. That made Alibaba the firm’s third-largest U.S. 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 percent 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.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.