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SoFi Shares Fall After SoftBank Says It Will Sell All or Part of Stake

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SoftBank CEO Son Pledges Sweeping Cost Cuts After $23.4 Billion Loss
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SoftBank Group Corp. is selling at least part of its 9% stake in SoFi Technologies Inc., part of a sweeping effort at the Japanese conglomerate to reduce costs and stem losses in the valuation of its technology-focused Vision Fund investment portfolio.

SoftBank sold about 5.4 million SoFi shares at a weighted average price of $7.99 on Aug. 5, according to a Monday filing with the US Securities and Exchange Commission. It sold an additional 6.7 million shares, at an average price of $8.17, on Monday. A subsidiary of SoftBank owned 83.2 million shares of SoFi as of June 30, according to the filing.