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Home / World News / SoftBank CEO pays price for tech bets with $20 billion loss at Vision Fund

SoftBank CEO pays price for tech bets with $20 billion loss at Vision Fund

The Vision Fund swung to a loss of 2.64 trillion yen ($20.5 billion) for the year ended Mar. 31, compared with a 4.03 trillion yen profit in the previous year

SoftBank Group Corp.’s founder Masayoshi Son

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Masayoshi Son. (Photo: Bloomberg)

Min Jeong Lee and Takahiko Hyuga | Bloomberg

5 min read Last Updated : May 13 2022 | 8:41 AM IST

Masayoshi Son is paying a steep price for his outsized wagers on money-losing technology companies.

Son’s SoftBank Group Corp. reported a record annual loss at its Vision Fund unit as a selloff in tech shares pummeled the value of its portfolio companies, including public holdings like Coupang Inc., Uber Technologies Inc. and Didi Global Inc. The Vision Fund swung to a loss of 2.64 trillion yen ($20.5 billion) for the year ended Mar. 31, compared with a 4.03 trillion yen profit in the previous year.

The world’s largest tech fund has been grappling with pandemic-driven writedowns and a market rout

Topics : Venture Capital Masayoshi Son SoftBank Tech companies

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