SoftBank's $17 Billion Red Ink
The Vision Fund of Japan's SoftBank Group will post a loss of $17 billion for its just ended fiscal year. The declining value of stakes in companies like WeWork and Uber contributed to this loss. SoftBank Group has experienced bad bets recently. Maybe it is time it begins to try other regions - Africa can save that fund.
SoftBank Group Corp. is on track for its worst annual performance in its 39-year history as the tech conglomerate said it expected to lose nearly $17 billion in its Vision Fund for the fiscal year just ended.
The investment loss means the $100 billion fund, the world’s biggest tech investment vehicle, is likely down since its launch three years ago. That would erase the billions of dollars in gains that the fund touted after investments like Uber Technologies Inc. and WeWork soared.
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