SoftBank's second-quarter whiplashed by $8.9 billion loss in Vision Fund by SamNusseyRTRS
TOKYO - SoftBank reported its first quarterly loss in 14 years on Wednesday, whiplashed by an $8.9 billion hit at its giant Vision Fund and marking a rare, humbling moment for CEO Masayoshi Son over his backing of troubled startup WeWork.
WeWork’s spectacular flame-out this year has also raised questions about Son’s judgement in backing unconventional tech founders such as WeWork’s Adam Neumann. SoftBank was forced last month to spend more than $10 billion to bail out the office-sharing startup after its IPO attempt flopped. SoftBank Group Corp said its $100 billion Vision Fund contributed an operating loss of 970 billion yen during the period, and an unrealised loss of 537.9 billion yen for the six months of the year as the value of its tech bets such as WeWork and Uber tumbled.
With increased market scrutiny over the path to profitability for many of its bets on unproven startups, SoftBank is struggling to take them to market - an essential step to unlock capital to keep its investment juggernaut growing.
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