SoftBank's Son steps down from Alibaba board, defends SoftBank's bets - Business Insider

Masayoshi Son, the chief of Japanese Internet and telecom giant Softbank, delivers a speech during a press conference in Seoul on June 20, 2011.SoftBank's Masayoshi Son is stepping down from the board of Alibaba, he announced in a shareholder call on Wednesday.

Son was one of Alibaba's earliest backers, making a $20 million investment in the company two decades ago that was worth $60 billion by 2014. He said he will remain a "long-term investor." He's now focused on righting SoftBank's financials, which have taken a hit from COVID-19 and from several bets on tech startups that tanked in the past year.

Meanwhile, Son aimed to assuage SoftBank investors' concerns on the call Wednesday, arguing that SoftBank's financials are looking up after a period of turmoil. SoftBank reported on operating loss of $12.7 billion for the past year, which Son attributed to the COVID-19 pandemic and to a series of bets that didn't pan out.

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

TaskRabbit's CEO, one of tech's few Black female executives, is stepping down - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. & how many latinos? She also told the Times that Silicon Valley still has a 'long way to go' to ensure Black people are adequately represented in the industry.
Fuente: BusinessInsider - 🏆 729. / 51 Leer más »