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Business

SoftBank Vision Fund posts a quarterly loss of $21.6 billion




SoftBank’s Vision Fund, the brainchild of company founder Masayoshi Son, has faced a number of headwinds, including a drop in tech stocks on rising interest rates, a tough China market and geopolitics.

Kentaro Takahash | Bloomberg | Getty Images

SoftBank posted one of the biggest losses at its investment unit Vision Fund for its first fiscal quarter, as technology stocks continue to get hammered amid rising interest rates.

The Japanese giant̵[ads1]7;s Vision Fund posted a loss of 2.93 trillion Japanese yen ($21.68 billion) for the June quarter. This is the second largest quarterly loss for Visjonsfondet.

That contributed to a net loss of 3.16 trillion yen for the quarter for SoftBank against a profit of 761.5 billion yen in the same period last year.

SoftBank’s Vision Fund, which started in 2017 and invests in technology companies, has been hit by a slump in high-growth stocks as a result of rampant inflation that has prompted the US Federal Reserve and other central banks to raise interest rates.

Masayoshi Son, SoftBank’s outspoken founder and the mastermind behind the Vision Fund, said in May that the company would go into “defense” mode and be more “conservative” with its investment pace after posting a record 3.5 trillion Japanese yen loss at the investment unit . for the last financial year.

SoftBank said it saw a decline in the share prices of a wide range of portfolio companies, which was “mainly caused by the global downward trend in share prices due to growing concerns about economic recession driven by inflation and rising interest rates.”

Shares in companies ranging from South Korean e-commerce firm Coupang to DoorDash in the US were hit hard in the second quarter of the year.

SoftBank said share prices of private companies in its portfolio also fell.

This is breaking news. Please check back for updates.



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