SoftBank Vision Fund posts $26 bln loss; Son pledges defence – Reuters
- Date: 15-May-2022
- Source: Reuters
- Sector:Financial Markets
- Country:Middle East
SoftBank Vision Fund posts $26 bln loss; Son pledges defence – Reuters
TOKYO, May 12 (Reuters) - Japan's SoftBank Group Corp (9984.T) reported a record $26.2 billion loss at its Vision Fund investment arm on Thursday, as rising interest rates and political instability whiplashed high-growth tech stocks.
The loss was in stark contrast to a year earlier when SoftBank delivered a record annual profit, putting founder and CEO Masayoshi Son's strategy of concentrating heavily on riskier, high-growth stocks under more scrutiny.
Investors are now increasingly questioning whether many of the once high-flyers it has invested in have a clear path to profitability. South Korean e-commerce firm Coupang is trading 70% below its listing price. Ridehailers Didi Global Inc (DIDI.N) and Grab Holdings , also tumbled during the January-March quarter.
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