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.
Photographer: Takaaki Iwabu/BloombergThis article is for subscribers only.
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.