Morgan Stanley sold US$5 bn in Archegos’ stocks the night before massive sale
CNBC (citing unnamed sources) filling in some details on the fire sale of stocks held by hapless hedge fund Archegos
- Morgan Stanley was Archegos' biggest prime broker
- Morgan Stanley sold the shares to a small group of hedge funds late Thursday, March 25
- offered the shares at a discount
- told the hedge funds that they were part of a margin call that could prevent the collapse of an unnamed client
Further stock sales continued in earnest the next day.