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.

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