SoftBank CEO Son apologizes after $8.9 billion Vision fund loss

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SoftBank CEO Son apologizes after $8.9 billion Vision fund loss

On Wednesday, the 6th of November 2019, the Tokyo-based Japanese investment conglomerate, SoftBank Corp. had reported its first quarterly loss in nearly fourteen years after taking a header of more than $8.9 billion in its $100 billion Vision Fund, laying off a rare humbling moment for SoftBank CEO Masayoshi Son due to his vouching for the online office-space sharing start-up, WeWork, which SoftBank was almost forced to purchase later last month in order to save its havoc-scale investment over the firm once Chaired by one of its co-founders Adam Neumann.

Aside from that, the extent of loss SoftBank had to grapple with over the third quarter of the year raised alarming bell over Son’s strategy to back loss-making start-ups such as Uber Technologies, Lyft Inc. alongside WeWork once owned by a US real estate major The We Company.

Meanwhile, following release of its massive-scale loss during Q3, 2019, acknowledging his mistakes to invest heavily on start-ups, SoftBank CEO Son said in a post-earnings’ call with the analysts on Wednesday (November 6th), “My investment judgment was poor in many ways and I am reflecting deeply on that.

” On top of that, according to the Japanese investment conglomerate’s Q3 earnings’ report published on Wednesday (November 6th), the investment behemoth had posted an operating loss of roughly $6.5 billion in comparison to an operating profit of 706 billion Japanese yen at the same time a year earlier.