SoftBank Group Corp Chief Executive Masayoshi Son, under pressure from hedge fun...
NEW YORK - SoftBank Group Corp Chief Executive Masayoshi Son, under pressure from hedge fund Elliott Management to rein in his mercurial investment style, turned on the charm in a meeting with U.S. investors on Monday, but offered few concrete concessions.
Son, who built SoftBank into a technology investment powerhouse, is now having to defend his track record after several of its expensive bets on startups, including office space-sharing firm WeWork, soured. Son pointed to SoftBank’s stock trading at a big discount to the value of its assets as an opportunity for investors to buy in.
The WeWork investment was made out of SoftBank’s $100 billion Vision Fund, which has also invested in or acquired the likes of Uber Technologies, British chip technology firm Arm Holdings and U.S. wireless carrier Sprint Corp.
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