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Shares of SoftBank Group plunged nearly 9% on Friday, marking its third straight day of selloff after the Japanese giant said it had sold its entire stake in U.S. chip giant Nvidia for $5.83 billion.

The stock pared losses to trade 5% lower as of 9 p.m. ET. If the losses hold, this would mark the second straight week of selloff after the conglomerate saw almost $50 billion in market cap wiped out last week , marking its worst weekly loss since March 2020.

SoftBank disclosed in its latest earnings that it offloaded 32.1 million Nvidia shares in October and scaled back its T-Mobile stake, bringing in $9.17 billion.

Although the Nvidia sale surprised some investors, it isn't the first time SoftBan

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