SoFi Stock Drops as Investors Including SoftBank Offer Shares

(Bloomberg) -- SoFi Technologies Inc., the financial firm led by former Twitter Inc. executive Anthony Noto, said shareholders including SoftBank Group Corp. and Silver Lake Partners will sell stock of the startup in a secondary offering. 

The offering of 50 million shares of SoFi’s common stock won’t change the number of shares outstanding and the firm won’t receive any proceeds from the sale, according to a statement Monday. The stock dropped 4.5% in after-market trading in New York at 5:51 p.m.

SoFi agreed earlier this year to go public through a merger with a blank-check company. The stock is up nearly 14% since that deal was completed in late May.

Other investors have pulled back on the stock as well. Dan Loeb’s Third Point LLC reported that it no longer held shares in SoFi, according to a third-quarter regulatory filing released Monday. 

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