Alphabet cuts stock investments in latest quarter as it sold off Robinhood, Lyft holdings
Alphabet Inc. (GOOGL) (GOOG) disclosed that it managed $1.56 billion worth of equity investments at the end of September, down 16.3% from the end of June, at a time the S&P 500 fell 3.7%. In the internet search behemoth's 13F filing with the Securities in Exchange Commission late Friday, Alphabet disclosed that it sold off its entire holdings of ride-hailing service Lyft Inc. (LYFT) and trading-app operator Robinhood Markets Inc. (HOOD) during the latest quarter, after ending June with a $35.5 million investment in Lyft and $6.1 million worth of Robinhood stock. Alphabet also slashed its holdings of health insurer Oscar Health Inc. (OSCR) to about $102.9 million from $170.9 million on June 30. Alphabet also disclosed that it owned $104.9 million worth of semiconductor designer Arm Holdings PLC shares (ARM), which went public on Sept. 14.
-Tomi Kilgore
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