SoftBank Reveals $6.5 Billion Loss From Uber, WeWork Turmoil
- The Vision Fund’s losses cast doubt on Masayoshi Son’s cred
- SoftBank is now trying to raise a successor to the mega fund
This article is for subscribers only.
Masayoshi Son is finally disclosing the damage from SoftBank Group Corp.’s bets on WeWork and Uber Technologies Inc.
The Japanese investment powerhouse on Wednesday reported its first quarterly operating loss in 14 years -- about $6.5 billion --after writing down the value of a string of marquee investments. It swallowed a charge of 497.7 billion yen ($4.6 billion) for WeWork, whose spectacular implosion turned the once high-flying shared-office startup into a Silicon Valley punchline.