Saudi Wealth Fund Takes $16 Billion Hit From SoftBank, Tech
- Softbank’s fund saw a record loss of $32 billion in 2022
- Current estimates place the PIF’s assets at $777 billion
Crown Prince Mohammed bin Salman
Photographer: Jacquelyn Martin/AFP/Getty Images
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Saudi Arabia’s sovereign wealth fund reported a $15.6 billion comprehensive loss in 2022 after the value of its investments in SoftBank Vision Fund plunged and other tech ventures were hit by a market downturn.
In addition to $11 billion of losses on investments — announced by the fund last month — the amount includes figures for operations, taxes and other expenses, according to an annual financial report published Sunday.