TOKYO (Reuters) – Japan’s SoftBank Group Corp reported a spectacular $18 billion loss at its huge Vision Fund, pressing Masayoshi Son’s corporation to a record loss and highlighting the deepening crisis at its portfolio business from the international slump.
The devastating 1.9 trillion yen ($18 billion) operating shortage at the Saudi-backed Vision Fund, including losses of practically $10 billion at office-sharing company WeWork and flight- hailing app Uber Technologies Inc alone, left SoftBank with its worst yearly loss of 1.4 trillion yen.
Kid, who has actually been pressed by U.S. hedge fund Elliott Management to make share buybacks and bolster governance, said SoftBank would raise 1.25 trillion yen versus its stake in China’s Alibaba Group.
” The coronavirus is an extraordinary crisis,” an especially downbeat Kid informed a profits presentation, comparing it to the Great Depression.
Appearing even more subdued than usual, Kid stated a few of his tech unicorns had fallen “into the valley of the coronavirus”.
” I believe some of them will fly over the valley,” he added, standing next to a slide portraying animation unicorn