(Apr 14): SoftBank Group Corp forecast a record 1.35 trillion yen ($17.7 billion) operating loss for the fiscal year ended in March, a sign of how badly Masayoshi Son’s bets on technology start-ups have been battered in recent months.

The Japanese company expects to record a 1.8 trillion yen loss from its Vision Fund and another 800 billion yen in losses from SoftBank’s own investments. It has written down the value of investments in companies, including office-rental startup WeWork and satellite operator OneWeb, which filed for bankruptcy last month. SoftBank’s shares fell as much as 4.2% to 4,025 yen in Tokyo on Tuesday.

Son’s conglomerate has taken one blow after another since the implosion of WeWork’s initial public offering last year and SoftBank’s subsequent bailout. It bet heavily on sharing-economy start-ups, which allow people to split the use of offices or cars, but those investments have been particularly hard hit as the coronavirus pandemic curbs unnecessary human interaction.

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