SoftBank's Son sticks with gut-led investing in chat with Alibaba's Ma [Yahoo! Finance News]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance News
By Sam Nussey TOKYO Reuters) - Weeks after his billion-dollar bailout of WeWork, SoftBank Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma. SoftBank owns 26% of China's Alibaba, with its origin in a $20 million investment in 2000, and the stake is now worth more than the Japanese firm's market capitalization. Son on Friday said the decision to invest in Alibaba was driven by a gut feeling. Other entrepreneurs Son met at that time "did not have true belief in their heart. I can feel," Son said. "We are the same animal. We are both a little crazy," he said of long-time ally Ma. Ma said Son initially tried to invest $50 million in the e-commerce firm, but that he declined saying it was too large a sum - part of a pattern of offering big cheques to company founders that continued with WeWork co-founder am Neumann. Son's comments come weeks after he was forced to bail out
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