Son transformed SoftBank into a tech investor over the past three years and raised the world's biggest late-stage investment fund in the Vision Fund. To be sure, some investments are doing better, but examples are scant as the pandemic magnifies problems. — Reuters
BANGALORE/TOKYO: SoftBank Group Corp founder Masayoshi Son's dream of a global tech empire is unravelling, with the coronavirus crisis compounding losses at his US$100bil (RM436.50bil) Vision Fund and distress at his big bets portending more pain.
More than half of the fund's capital is in startups that are suffering from the virus impact or exhibiting stress pre-dating the outbreak, a Reuters analysis showed. Ride-hailing usage at flagship transport investments has fallen more than 50% and six SoftBank-backed startups have pushed IPO plans from this year to next.
