SoftBank’s Vision Fund Profit Undercut by Trading Losses
- Vision Fund booked a third-quarter profit of $8 billion
- SoftBank continued to lose money on derivatives trading
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SoftBank Group Corp. reported a record profit in its Vision Fund as a surging stock market lifted the value of its portfolio companies, but founder Masayoshi Son wiped out a significant chunk of those gains with his controversial trading in derivatives.
The Vision Fund reported a 844.1 billion yen ($8 billion) profit in the December quarter, surpassing record numbers set just a quarter earlier. A global rally in technology shares has boosted the value of SoftBank’s stakes in publicly traded firms like Uber Technologies Inc. and paved the way for initial public offerings from the likes of DoorDash Inc.