SoftBank Dive Hits $22 Billion Amid Saudi Outcry, Tech Rout
- Stock had climbed almost 30 percent before the slump
- Company leaders are pulling out of Saudi Arabia event
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SoftBank Group Corp. has been battered over the past two weeks as technology stocks plummet globally and the outcry over a missing Saudi Arabian journalist escalates into a global controversy.
SoftBank shares fell 7.3 percent to 9,251 yen at the close in Tokyo Monday, pushing the decline in market value to $22 billion since its peak this year. The stock had gained 29 percent this year through Sept. 28 as investors began to credit founder Masayoshi Son for his ambitious investments in technology startups, including Uber Technologies Inc., Didi Chuxing and WeWork Cos.