SoFi stock dips after SoftBank says it will sell part of its stake

Yahoo Finance Live anchors discuss how SoFi stock is performing after SoftBank said it will sell part of its shares.

Video transcript

JULIE HYMAN: Moving on, let's talk about SoFi Technologies. Their shares are trading lower right now. And that's after SoftBank announced it's going to be selling at least 9% of its stake in SoFi. This comes as SoftBank already started to sell shares over the past week. This comes on the heels of SoftBank, of course, announcing losses tied to many of its investments in other companies, including Uber and DoorDash. So, clearly, it's trying to raise some cash here. So SoFi taking a hit on that news.

BRAD SMITH: Yeah, they sold about 6.7 million shares. It looks like the price average, at least, was about $8.17 a share on Monday. And the subsidiary-- one of the SoftBank subsidiaries-- it was revealed within this filing as well that they owned about 83.2 million shares. And that was as of the end of June. And so you still think about the position that they're sitting on and how much weight they can still throw around should they decide to alleviate themselves of some of the additional holdings that they have, too.

BRIAN SOZZI: Yeah, of course, this is likely to put pressure on SoFi. Also, news out this morning they are launching a new thematic exchange traded fund focused on Web3. Something to watch. But the more important issue is here, what happens to student loans? We're bumping up against the ending of that student loan freeze. It's important that some form of decision comes from the Biden administration because, SoFi certainly hangs in the balance.

BRAD SMITH: Well, something has to come because it's going to have a much larger economic impact. It's going to have a consumer spending impact. Even more so if people then have that burden tossed back on them and have to account for that at a time where they're already looking across their budgets within the home, and perhaps pulling back on spending elsewhere, too.

JULIE HYMAN: Yeah, and Anthony Noto, the CEO, has said, and analysts have said this is an overhang for the company. So this is something that they really want to get resolved here.