Japanese investment powerhouse SoftBank plunged to its first quarterly loss in 14 years. The company lost $8.9 billion dollars at its Vision Fund due to tumbling valuations at top tech bets like Uber and WeWork
) plunged to its first quarterly loss in 14 years on Wednesday, dragged down by an $8.9 billion hit at its giant Vision Fund, as CEO Masayoshi Son admitted poor investment judgment and turning a blind eye to problems at startup WeWork.
“My investment judgment was poor in many ways and I am reflecting deeply on that,” Son, 62, told a news conference following the results. It was a remarkable admission for an executive well known for his ebullience.He said he had turned a blind eye to problems with Neumann in areas such as corporate governance. Nevertheless, Son was defiant that WeWork was still a solid business, saying there would be a “hockey stick” recovery in its profits eventually.
SoftBank said the combined loss on its directly held shares in WeWork and WeWork shares held by the Vision Fund amounted to $8.2 billion.
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