ICYMI: Japan's SoftBank posted a $23 billion quarterly investment loss at its Vision Fund unit, as technology stocks get hammered by soaring inflation and interest rates
SoftBank has exited stake in Uberis planning to cut headcount at its flagship Vision Fund investing arm, CEO Masayoshi Son said on Monday, after a crash in the value of its portfolio pushed his conglomerate to a record quarterly net loss.
Son has already radically scaled back investment activity. The Vision Fund arm approved just $600 million in new investments in the first quarter, compared with $20.6 billion in the same period a year earlier. However the billionaire said Vision Fund 2, which has taken smaller stakes in a larger number of companies, had invested at frothy prices.The second Vision Fund's portfolio of 269 firms, which cost $48.2 billion to acquire, was worth just $37.2 billion at end-June.
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