'My investment judgment was poor,' SoftBank's Son says after Vision Fund's $8.9 billion loss

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SoftBank results were also slammed by falling valuations of some of its biggest tech bets, such as WeWork and Uber.

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.

WeWork's spectacular flame-out this year has sparked questions about Son's judgment 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. He said he had turned a blind eye to problems with Neumann in areas such as corporate governance. Nevertheless, Son was defiant that WeWork was still a solid business, saying there would be a "hockey stick" recovery in its profits eventually.

 

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“I could have done better.”

PIFSaudi :

It’s unfortunate, Softbank are serious investors in developing technology to benefit society. Now that their stock has taken a hit I’m thinking about buying. 😁

Vallabh_J A_Burglar

You don't say!

Is he living on another planet? Wow

That’s a fair statement

Then step down for better minds...

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