Softbank founder Masayoshi Son has promised to invest more selectively and hold more money in the future.
(Photo: Reuters)
Tokyo The crisis in technology stocks with a collapse in valuations has pushed the Japanese major investor Softbank deep into the red. From April to June, a loss of 3.16 trillion yen (equivalent to almost 23 billion euros) was incurred, the group announced on Monday. In the same period last year there was still a profit of around 5.5 billion euros on the balance sheet.
The business activities dominating Vision Funds alone, which are involved in the transport service provider Didi, the online retailer Coupang, the Uber competitor Grab and Alibaba, came in at a minus of more than 21 billion euros in the three months. This was also due to the decline of the AI start-up Sensetime and the robot company Autostore.
The world-renowned Softbank founder Masayoshi Son has already promised to invest more selectively and hold more money in the future due to the downturn in tech stocks due to higher inflation, political uncertainties and economic weakness.
Son has taken down more than $8 billion of the Vision Fund’s privately funded startups, which include delivery service Blinkit and travel platforms Oyo and Getyourguide.
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However, experts assume that these do not yet reflect the current tech weakness. Softbank competitor Tiger Global is also struggling with major problems.
Softbank is now also betting on British chip designer Arm going public soon, which should flush billions into the coffers. The Japanese are also the second largest shareholder in Deutsche Telekom after the federal government. The Bonn-based company therefore wants to buy more shares in the company from the capital majority in the US mobile radio operator T-Mobile US and Softbank.
More: Softbank apparently suspends ARM IPO in UK