SoftBank CEO Pays Price for Tech Bets With $20 Billion Loss
- Vision Fund lost 2.64 trillion yen as portfolio stocks fell
- Drop in tech shares has hurt Coupang, Didi and Alibaba
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Masayoshi Son is paying a steep price for his outsized wagers on money-losing technology companies.
Son’s SoftBank Group Corp. reported a record annual loss at its Vision Fund unit as a selloff in tech shares pummeled the value of its portfolio companies, including public holdings like Coupang Inc., Uber Technologies Inc. and Didi Global Inc. The Vision Fund swung to a loss of 2.64 trillion yen ($20.5 billion) for the year ended Mar. 31, compared with a 4.03 trillion yen profit in the previous year.