SoftBank posts a $21.6 billion quarterly loss on its Vision Fund, one of the highest in its history

Key Facts

SoftBank’s Vision Fund, the brainchild of the company’s founder Masayoshi Son, has faced a number of headwinds including a slump in technology stocks as a result of rising interest rates, a tough China market and geopolitics.
SoftBank’s Vision Fund, which began in 2017 and invests in technology companies, has been hit by a slump in high-growth stocks as a result of rampant inflation that has led the U.S.
Masayoshi Son, SoftBank’s outspoken founder and the mastermind behind the Vision Fund, said in May the company would go into “defense” mode and be more “conservative” with the pace of investments after posting a record 3.5 trillion Japanese yen loss at the investment unit for the last fiscal year.
SoftBank said it saw a decline in the share prices of a wide range of its portfolio companies, which was “mainly caused by the global downward trend in share prices due to growing concerns over economic recession driven by inflation and rising interest rates.”