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SoftBank Vision Fund Loses $7.2 Billion on Tech Writedowns

  • SenseTime, Doordash, GoTo among Vision Fund’s big writedowns
  • SoftBank to slow down investments to shore up balance sheet
Bloomberg business news
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SoftBank Group Corp.’s core Vision Fund arm posted a $7.2 billion quarterly loss as plunging startup valuations continue to hammer the company’s financial performance and forces it to slow investments.

The Vision Fund segment lost 1.02 trillion yen in July-September, following a 2.33 trillion yen loss in the June quarter. Overall, the Japanese conglomerate logged net income of 3.03 trillion yen in the last quarter, buoyed by the disposal of a chunk of its Alibaba Group Holding Ltd. stake. The company said its total profit on its disposal of Alibaba shares was 5.37 trillion yen.