SoftBank's Son humbled after Vision Fund's $8.9 billion loss [Reuters]
Slack Technologies, Inc. (WORK)
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Source: Reuters
SoftBank's Son humbled after Vision Fund's $8.9 billion loss - Reuters 3 Min Read TOKYO (Reuters) - SoftBank reported its first quarterly loss in 14 years on Wednesday, whiplashed by an $8.9 billion hit at its giant Vision Fund and marking a rare, humbling moment for CEO Masayoshi Son over his backing of troubled startup WeWork. The scale of the loss shows the risks in Son’s strategy of splashing out big on cash-burning startups. It has also cast a pall on his efforts to raise another massive fund. WeWork’s spectacular flame-out this year has also raised questions about Son’s judgement in backing unconventional tech founders such as WeWork’s Adam Neumann. SoftBank was forced last month to spend more than $10 billion to bail out the office-sharing startup after its IPO attempt flopped. Son, 62, told a news conference following the results that his judgement around WeWork was “not right” in many ways, and that he had turned a blind eye to problems with Neumann in areas such as corporate
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