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SoftBank Reports Record $23.4 Billion Loss as Holdings Fall

  • Vision Fund posts $17.2 billion loss on Coupang, DoorDash
  • Masayoshi Son’s push into tech investments falters in downturn
A SoftBank Corp. store in Yokohama, Japan.

A SoftBank Corp. store in Yokohama, Japan.

Photographer: Takaaki Iwabu/Bloomberg
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SoftBank Group Corp. reported a record 3.16 trillion yen ($23.4 billion) net loss as a selloff in global tech stocks continued to hammer its Vision Fund’s portfolio of investments.

The Vision Fund segment posted a loss of 2.33 trillion yen in the three months ended June 3O, following a then-record 2.2 trillion yen loss in the previous quarter. SoftBank also reported a 820 billion yen foreign exchange loss because of the weaker yen.