:SoftBank Group Corp shares surged 14per cent after the investment conglomerate scored a US$11.2 billion gain in the value of its stake in DoorDash Inc following the U.S. food delivery app's blockbuster stock market debut.
SoftBank, which invested US$680 million in DoorDash in the last three years, saw the value of its 25per cent stake in the company rise to US$11.9 billion on the first day of trading in New York.SoftBank's shares climbed as much as 19per cent in Tokyo trading and touched new two-decade highs. SoftBank's DoorDash gains is a boon to Chief Executive Masayoshi Son's efforts to revive its US$100 billion Vision Fund, which recorded a string of losses in the past year on soured bets ranging from office space-sharing start-up WeWork to dog-walking startup Wag.