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SoftBank reports record US$23.4 billion loss as holdings fall

Bloomberg8/8/2022 03:16 PM GMT+08  • 3 min read
SoftBank reports record US$23.4 billion loss as holdings fall
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SoftBank Group Corp. reported a record 3.16 trillion yen (US$23.4 billion; $32.3 billion) net loss as a selloff in global tech stocks continued to hammer its Vision Fund’s portfolio of investments.

The Vision Fund segment posted a loss of 2.33 trillion yen in the three months ended June 3O, following a then-record 2.2 trillion yen loss in the previous quarter. SoftBank also reported a 820 billion yen foreign exchange loss because of the weaker yen.

Global stock prices continued their slide during the June quarter, hurting valuations of SoftBank’s key public holdings like Uber Technologies Inc. and Coupang Inc. The Nasdaq 100, a barometer for tech heavyweights, lost 22% during the period, capping its worst such performance since the global financial crisis in 2008. It’s the most serious setback for founder Masayoshi Son since he repositioned his company to focus on tech investments.

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