Morgan Stanley dumped $5 billion in Archegos' stocks night before fire sale: CNBC

FILE PHOTO: People take photos by the Morgan Stanley building in Times Square in New York City, New York U.S., February 20, 2020. REUTERS/Brendan McDermid/File Photo

(Reuters) – Morgan Stanley sold about $5 billion in Archegos’ stocks the night before the fire sale hit rivals, CNBC reported on Tuesday citing people with knowledge of the trades.

Morgan Stanley had the consent of Archegos, run by former Tiger Management analyst Bill Hwang, to shop around its stock late Thursday, the report said.

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