SoftBank reports a ~$17.23B loss for Vision Fund in Q1 2022, as the value of its tech portfolio fell, including SenseTime and Uber, after a record Q4 2021 loss
Reuters Sam Nussey
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Discussion
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@alialsalim
@alialsalim
on x
$17B loss for the Vision Fund in a single quarter. Gulf sovereigns have lost more capital in 3 months than the Gulf VC industry has raised since its inception by a magnitude of more than 10X. https://twitter.com/...
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@madhavchanchani
Madhav Chanchani
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This is slowdown From deploying $20.6 billion in April-June 2021 to just $600 million during April-June 2022 That's a 97% fall in approved investment at Softbank Vision Fund Source: Softbank IR ppt https://twitter.com/...
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@hkanji
Hussein Kanji
on x
Yes it's all their (the startups) fault https://techcrunch.com/...
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@johnkoetsier
John Koetsier
on x
Dude, you can't cut enough jobs to offset a record $26.2 billion quarterly loss >> SoftBank plans Vision Fund job cuts after record net loss https://www.reuters.com/...
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@sivavaid
Siva Vaidhyanathan
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I've been saying for years that tech and business reporters should be probing SoftBank. It's the sketchiest company in the world right now. And it's really weird. https://twitter.com/...
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@eliotwb
Eliot Brown
on x
just a chill $23 B quarterly loss https://www.wsj.com/...
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@hkanji
Hussein Kanji
on x
“We were in a kind of bubble on valuations,” says man responsible for fueling not one, but two, tech bubbles https://www.reuters.com/...
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@michaelxpettis
Michael Pettis
on x
1/5 At least Softbank CEO Masayoshi Son is more self-aware than many of his peers: “When we were turning out big profits, I became somewhat delirious, and looking back at myself now, I am quite embarrassed and remorseful.” https://www.wsj.com/... via @WSJ
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@eliotwb
Eliot Brown
on x
“When we were turning out big profits, I became somewhat delirious, and looking back at myself now, I am quite embarrassed and remorseful” https://www.wsj.com/...
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@pelstrom
Peter Elstrom
on x
Softbank's Masayoshi Son dropped a ton of news in Tokyo today — a record loss, more buybacks and plans to sell Fortress. He was unusually somber and pledged sweeping cost cuts throughout his company. “Everything” is under consideration. @leeminjeong83 🧵 https://www.bloomberg.com/…
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@pelstrom
Peter Elstrom
on x
Softbank raised about $17 billion by selling forward contracts on Alibaba shares it owns. That means SoftBank isn't selling the Chinese company's stock right now, but it's likely in the future.
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@pelstrom
Peter Elstrom
on x
Son also disclosed that he's in talks to sell Fortress, the asset manager Softbank acquired in 2017 for $3.3 billion. Son wanted to use Fortress to help manage investments, but US regulators blocked him from taking a day to day role. https://www.bloomberg.com/...
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@pelstrom
Peter Elstrom
on x
“The loss is the biggest in our corporate history and we take it very seriously,” Son said the presser. “We have to resort to big cost-cutting efforts at Vision Fund. The cost cutting efforts will have to include a reduction in head count - something I've made up my mind to do.”
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@chandrarsrikant
Chandra R. Srikanth
on x
SoftBank's Vision Fund investment unit, through which the Japanese conglomerate invests in companies, posted a net loss of as much as $21 billion hitting the company's profits for the quarter ended June. The Vision Fund investment unit was expected to report a loss of $10 Bn
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@arjunkharpal
Arjun Kharpal
on x
Results just in for the June quarter - SoftBank vision fund posted a 2.9 trillion yen loss ($21.6 billion). That's one of the highest quarterly losses at the unit in history - SoftBank group swung to a 3.1 trillion net loss. Shares higher. Bad news already priced in https://twitt…
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@abhinavvr
Abhinav Ramnarayan
on x
Not sure I can get my head around a loss of **$23.4 billion** SoftBank Group reports a record 3.16 trillion yen ($23.4 billion) net loss as a selloff in global tech stocks continued to hammer its Vision Fund's portfolio of investments https://www.bloomberg.com/... via @technology
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@madhavchanchani
Madhav Chanchani
on x
Not surprising as Vision Fund reported second-largest quarterly loss of $21.68 billion for June quarter Son said that the headcount at the Vision Fund may need to be “reduced dramatically.” https://www.cnbc.com/...
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@ulonnaya
Tage
on x
Brace yourselves for more downrounds. “Unicorn companies' leaders still believe in their valuations and they wouldn't accept that they may have to see their valuations [go] lower than they think.” https://techcrunch.com/...