Investment giant Softbank announced that its Vision Funds unit lost 3.5 trillion yen ($27.5 billion) in the fiscal year that ended in March.
SoftBank’s Vision Fund, which invests in high-growth firms was founded by Masayoshi Son in 2017 as a method to reposition the company as an investment firm.
Vision Fund’s loss for the last fiscal year largely contributed to SoftBank’s overall annual loss of 1.7 trillion yen, which led its stock to drop by 8% in Japan.
Son addressed the losses during a results presentation in Tokyo and said, “We, SoftBank, should be taking defense.”
Softbank confirmed that VisionFunds had no “direct investments” in Russian and Ukrainian companies for the last fiscal year and ensured that “The impact of such operations or transactions on the Company’s consolidated financial statements is limited.”
SoftBank’s investment companies include Coupang, a South Korean e-commerce company, and Grab, a Southeast Asian ride-hailing startup, both of which went public on Wall Street last year.
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