Advanced Micro Devices Inc. (AMD) fell more than 3% in early trading on Tuesday after one of the company's largest shareholders said it sold its shares in the semiconductor producer, but also converted subscription rights to shares.  Abu Dhabi's Mubadala Investment Co., owned by the government of Abu Dhabi, said on Tuesday it sold 34.9 million shares in AMD shares and plans to convert 75 million warrants into the US chip maker.
Mubadala did not & # 39; t reveal the sales price, but the market value of the 34.9 million shares was around $ 842 million based on Monday's closing price. The Abu Dhabi State Fund, which has a stake in General Electric Co. and private equity company Carlyle Group, first invested in AMD in 2007.
Yesterday, we sold 34.9 million shares in @ AMD besides announcing the conversion of 75m warrants to stock shares. We are among the company's top shareholders and are proud of our continued partnership with AMD. https://t.co/nNCCevdDUF pic.twitter.com/3wqcpQ0Ruv
̵[ads1]1; Mubadala (@Mubadala) February 5, 2019
"We are among the company's top shareholders and are proud of our continued partnership with AMD, "said Mubadala in a tweet.
AMD shares fell as much as 3% before being restored. The shares traded at $ 23.78, down 1.45%, last control.
Stocks had risen by more than 21% over the last three months through Monday, while the PHLX Semiconductor Index has increased 5.3% and the S & P 500 has been roughly flat.