Softbank’s Vision Fund posts record profit as startup valuations recover November 9, 2020 Softbank’s Vision Fund division posted a record ¥784.4bn (£5.7bn) profit for the third quarter after a recovery in startup valuations helped the unit rebound from a ¥612bn loss the previous year. The Japanese tech investment giant, which has stopped reporting operating profit figures, reported a net quarterly income for the entire group of ¥627.5bn. This [...]
Softbank Vision Fund dealt another blow with boardroom exodus November 2, 2020 After a year of hefty losses, Softbank is now dealing with an exodus of executives at its $100bn Vision Fund. The Japanese conglomerate plunged to its worst ever annual performance in March after recording a huge $18bn loss for the Vision Fund. It bounced back in August after strong performances by its tech investments. Softbank [...]
Wework sells control of China arm for $200m in global pullback September 24, 2020 Wework is selling control of its Chinese division to one of its investors, in a deal that further reduces the office space provider’s global presence after the coronavirus pandemic worsened its financial troubles. Private equity firm Trustbridge Partners will pay the company $200m (£157m) for majority ownership of the unit, as Wework retreats from a [...]
Softbank bounces back with $12bn profit thanks to tech boom August 11, 2020 Softbank has bounced back from a record loss earlier in the year after strong performances by its tech investments fuelled a $12bn (£9.2bn) quarterly profit. The Japanese conglomerate plunged to its worst ever annual performance in March after recording a huge $18bn loss for its flagship $100bn Vision Fund. Softbank set out plans for a [...]
Softbank invested in Credit Suisse funds financing its Vision Fund bets June 15, 2020 Softbank has reportedly invested over $500m (£399m) into Credit Suisse investment funds that made large bets on startups backed by the Japanese tech investment giant’s Vision Fund. Softbank invested in the Swiss lender’s $7.5bn range of supply-chain finance funds, the Financial Times reported, citing three people familiar with the matter. The funds are marketed by [...]
Softbank Vision Fund boss doubles pay despite hefty loss May 29, 2020 Softbank has more than doubled the pay of its Vision Fund boss Rajeev Misra even as the mammoth tech fund dragged the Japanese company to a record loss last year. Misra pocketed 1.6bn yen (£12m) in total compensation for the year to March, more than twice as much as he earned in the previous 12 [...]
Softbank warns of historic $16.7bn loss after coronavirus and bad bets April 14, 2020 Softbank expects to lose $16.7bn (£13.3bn) on tech startups it has invested in through its Vision Fund this year due to coronavirus. The Japanese company blamed the coronavirus pandemic for a “deteriorating market environment” as it booked its first loss in over 20 years. Softbank has also made some bad bets outside its $100bn Vision [...]
Wework sues Softbank over scrapped $3bn tender offer April 7, 2020 Wework’s special committee is suing Softbank over the Japanese investment giant’s decision to abandon a $3bn (£2.4bn) share purchase, the company confirmed today. Softbank, which holds a controlling stake in Wework, agreed to the tender offer last year as part of a dramatic rescue plan, but withdrew citing the coworking firm’s failure to meet “certain [...]
Wework threatens to sue Softbank over ditched $3bn share buyout April 2, 2020 Wework has threatened to sue Softbank after the Japanese investment giant abandoned plans to buy $3bn (£2.4bn) worth of additional shares in the company. Softbank, which owns a controlling stake in the coworking firm, agreed to the share tender last year as part of a rescue package following Wework’s botched public listing. The company said [...]
Softbank hits back at Moody’s following double downgrade March 25, 2020 Softbank has demanded that Moody’s remove all of its bond ratings after the ratings agency downgraded the conglomerate’s debt by two notches and said it was reviewing the tech investment giant for a further downgrade. Softbank immediately hit back, accusing Moody’s of having based its decision on “its biased and mistaken views” and “excessively pessimistic [...]