TOKYO: Japan’s SoftBank Group Corp reported a stunning US$18bil loss at its giant Vision Fund, pushing Masayoshi Son’s conglomerate to a record loss and highlighting the deepening crisis at its portfolio companies from the global downturn.
The disastrous 1.9 trillion yen (US$18bil) operating shortfall at the Saudi-backed Vision Fund, including losses of almost US$10bil at office-sharing firm WeWork and ride-hailing app Uber Technologies Inc alone, left SoftBank with its worst annual loss of 1.4 trillion yen.
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