Temasek Shaves off Shares of BlackRock, Dumps Wish

Posted on 08/16/2021

Singapore’s Temasek Holdings had shaved off 859,555 shares of BlackRock from a position of 5,952,380 shares, according to a June 30, 2021 SEC ownership report. The estimated value of the sale is US$ 1.5 billion. Temasek sold BlackRock from a position of strength, as BlackRock stock rallied in 2021.

Temasek also nearly sold off its entire holding in ContextLogic, Inc. ContextLogic runs Wish is an American online e-commerce platform that facilitates transactions between sellers and buyers. The estimated value of the ContextLogic sell off was US$ 327 million. Going public in 2020, ContextLogic reported lackluster second quarter 2021 results and some shareholders question the firm’s business model. Total revenues through July 2021 are down 40% with marketplace revenues down 55%. This is due to a big cut in advertising expenses to attempt to boost profitability.

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