Alphabet cuts stock investments in latest quarter as it sold off Robinhood, Lyft holdings

Alphabet Inc.
GOOGL,
+1.72%

GOOG,
+1.70%
disclosed that it managed $1.56 billion worth of equity investments at the end of September, down 16.3% from the end of June, at a time the S&P 500
SPX,
+0.12%
fell 3.7%. In the internet search behemoth’s 13F filing with the Securities in Exchange Commission late Friday, Alphabet disclosed that it sold off its entire holdings of ride-hailing service Lyft Inc.
LYFT,
-4.24%
and trading-app operator Robinhood Markets Inc.
HOOD,
-4.68%
during the latest quarter, after ending June with a $35.5 million investment in Lyft and $6.1 million worth of Robinhood stock. Alphabet also slashed its holdings of health insurer Oscar Health Inc.
OSCR,
-1.38%
to about $102.9 million from $170.9 million on June 30. Alphabet also disclosed that it owned $104.9 million worth of semiconductor designer Arm Holdings PLC shares
ARM,
-2.16%,
which went public on Sept. 14.