Positive signs: A pedestrian wearing a protective mask walks past an advertisement for SoftBank Corp in Tokyo. There are signs that SoftBank’s portfolio of startups will face an improved reception as they look to go public. — Bloomberg
NEW YORK: SoftBank Group Corp founder Masayoshi Son has delivered a clear response to critics who thought the twin disasters of WeWork and the coronavirus would bring down his empire: not just yet.
The Japanese technology giant’s shares have more than doubled from their March low, propelled by buybacks and improving market conditions for its portfolio companies. They gained another 3.6% yesterday after the story was published. SoftBank bonds, which traded at less than 65 US cents on the dollar in March, have recovered to near par. Son, 62, has seen his own net worth soar to US$20bil, the highest since the Bloomberg Billionaires Index began tracking his wealth.
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