new tech-focused trading unit is already down $3.7 billion. The company's second-largest shareholder is now stepping in to offset the losses.
While a former Deutsche Bank trader heads the unit now, Northstar's trades are approved by a three-person panel that also includes Son and Ron Fisher, Softbank's vice-chairman. Son's focus on day-trading marks a shift from his past investing styles. Though SoftBank founder is known for his riskier investments - including a stake in floundering shared-workspace startup WeWork - his past successes hinged on long-term gains and profiting on secular growth trends. Where SoftBank's famous $100 billion Vision Fund invests in private tech companies, Northstar actively trades shares of public firms.
When SoftBank shares nosedived in the spring, Son and other executives at the company reached out to Elliott for counsel. The hedge fund's executives advised SoftBank to buy back shares and improve governance, The Journal reported. SoftBank exceeded Elliott's buyback target and sold more than $92 billion in assets to build a healthy cash buffer.
This guy just dey play with money iam_rawlings