Benzinga | Nov 1, 2021 08:26AM EDT

SoftBank Offloaded Stake Worth 2B In DoorDash

* SoftBank Group Corp's (OTC:SFTBY) (OTC:SFTBF) Vision Fund had offloaded shares worth $2 billion in DoorDash Inc (NYSE:DASH).

* On October 27, SoftBank's Vision Fund unloaded 10 million shares at $202.815 a piece, the filing with the U.S. SEC said.

* In May, SoftBank sold $1 billion worth of DoorDash stock and raised $2.2 billion from a sale in August, Bloomberg reports.

* The latest sale of DoorDash stock leaves SoftBank with 33.6 million shares, or 11% stake, marking just over half of the stake it held at the time of the listing in December.

* SoftBank reflected a new appetite for exits to finance the accelerating pace of deal-making at his Vision Fund investment arm. SoftBank's selloff included significant portions of its stakes IPO hits like DoorDash, Coupang Inc (NYSE:CPNG), and KE Holdings Inc (NYSE:BEKE).

* SoftBank used the stakes to borrow billions of dollars. Vision Fund arranged two margin loans in September, regulatory filings show.

* The loans will help fund distributions to investors, including sovereign wealth funds from Saudi Arabia and Abu Dhabi, Tokyo-based SoftBank Group.

* Price Action: DASH shares traded higher by 0.46% at $195.69 premarket the last check Monday.