A hedge fund owned by one of the richest men in the world has sold almost its entire stake in fashion giant Boohoo.
Citadel GP LLC, which is majority owned by billionaire founder and chief executive Ken Griffin, has slashed its holdings from 8.9% to 1.8%, according to a newly-filed notice with the London Stock Exchange.
The group first invested in the Manchester-headquartered giant in July 2022 before later upping its stake.
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When it first invested, Boohoo's shares were trading at around 62p each but they have since fallen to around 34p.
Boohoo's shares have fallen by almost 50% over the last 12 months and are down by more than 3% so far in 2023, giving it a market capitalisation of around £433m.
Citadel GP's Ken Griffin provided funding to the Ricketts family in their failed bid to buy Chelsea from Roman Abramovich last year.
The group was founded in 1990 by Mr Griffin who has an estimated net worth of £21bn.
His company is headquartered in Miami, it has over 2,500 employees and looked after more than $50bn in assets as of May this year.
Earlier this week, BusinessLive reported that Mike Ashley's Frasers Group had acquired a stake in Boohoo.
The owner of brands such as Sports Direct and House of Frasers has snapped up a 5% holding in the group.
The move means Frasers Group became one of the largest single shareholders in Boohoo.
Co-founder Mahmud Kamani remains the largest shareholder while other investors include Camelot Capital Partners, T. Rowe Price International, FIL Investment Advisors (UK) and Norges Bank Investment Management.
