SoftBank reports record $27.5 billion loss on crashing tech stocks

The world's biggest tech investor said Thursday that its Vision Funds had recorded a loss of 3.5 trillion yen in the year ended March. That was a significant reversal from the unit's performance from last year, when it had logged a healthy profit.At an earnings presentation in Tokyo, CEO Masayoshi Son acknowledged the losses and pledged to start taking a more conservative approach."We, SoftBank, should be taking defense," he said.

Its troubles escalated last December, when the company was forced to begin the process of delisting in the United States Didi is facing an SEC probe into its botched IPO, company saysDidi's shares have crashed nearly 70% so far this year. Last week, it also disclosed that it was being investigated by the US Securities and Exchange Commission for the bungled IPO.

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