reported its first quarterly loss in 14 years on Wednesday, whiplashed by an $8.9 billion hit at its giant Vision Fund and marking a rare, humbling moment for CEO Masayoshi Son over his backing of troubled startup WeWork.
WeWork's spectacular flame-out this year has sparked questions about Son's judgment in backing unconventional tech founders such as WeWork's Adam Neumann. SoftBank was forced last month to spend more than $10 billion to bail out the office-sharing startup after its IPO attempt flopped. He said he had turned a blind eye to problems with Neumann in areas such as corporate governance. Nevertheless, Son was defiant that WeWork was still a solid business, saying there would be a "hockey stick" recovery in its profits eventually.
“I could have done better.”
PIFSaudi :
It’s unfortunate, Softbank are serious investors in developing technology to benefit society. Now that their stock has taken a hit I’m thinking about buying. 😁
Vallabh_J A_Burglar
You don't say!
Is he living on another planet? Wow
That’s a fair statement
Then step down for better minds...