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SoFi (NASDAQ:SOFI) just lost a major supporter. Yesterday, after the close, the Qatar Investment Authority (QIA) filed a Form 144 disclosing its intent to sell 19.84 million shares of SOFI stock. When a company or individual submits this filing, they must honor their intention to sell within a reasonable timeframe.

The QIA did just that, as it submitted a Form 4 this morning showing that it had sold all 19.84 million shares on June 13. The shares were sold at an average price of $6.78, while the total sale was worth $134.51 million, leaving QIA with zero shares.

The shares were sold by QIA FIG Holding, a subsidiary of the QIA. Ahmed Al-Hammadi is the QIA’s head of active investments and is also a SoFi board member.

According to Simply Wall St., the QIA was SoFi’s fourth-largest shareholder as of Q1, with its 19.84 million share stake. SoFi’s top shareholders, in order, are Vanguard, BlackRock (NYSE:BLK) and Silver Lake.

SOFI Stock: QIA Dumps 19.84 Million Shares

The QIA first invested in SoFi in 2019, contributing $500 million at a $4.3 billion valuation. SoFi currently has a market capitalization of about $6.8 billion.

“We strongly believe in SoFi’s approach, and their dedication to build a transformational financial platform that is rapidly disrupting consumer finance,” said QIA CEO Mansoor Al-Mahmoud in 2019.

The sale is the QIA’s second since SOFI began trading in June 2021 following its special purpose acquisition company (SPAC) merger. On Nov. 18, 2021, the QIA sold 4.68 million shares at an average price of $21.60, leaving it with 19.84 million shares. In hindsight, it should have dumped its entire position then given that SOFI trades in the $6 range today.

It’s not exactly clear why the QIA sold off its position. It could have been a loss of faith in SoFi or an opinion that its money would be better off invested elsewhere, among other rationales.

However, it’s very clear that SOFI has been a disappointing investment. Shares have fallen by 33% year-over-year and by nearly 70% since the SPAC debut.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.