SoftBank Slump Reaches $16 Billion as Ride-Hailing Luster Dims
- Shares slide for third day, close 5.4% lower on Tuesday
- SoftBank completed its record $5.5 billion share buyback
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In the months leading up to Uber Technologies Inc.’s market debut, Masayoshi Son made a habit of pointing out that SoftBank Group Corp. is the world’s largest investor in ride-hailing companies. Suddenly, it doesn’t seem like such an enviable position.
SoftBank has lost about $16 billion in market value in the past three trading days as Uber plunged nearly 20% below its IPO price. On Tuesday, the Tokyo-based company’s shares fell 5.4%, the biggest decline since Dec. 25. The overall market was also down, with the Nikkei 225 Average retreating 0.6% amid escalating U.S.-China trade tensions.