SoftBank’s Vision Fund Posts a Whopping $32bn Loss, Misses Roaring Tech Comeback

The sprawling conglomerate’s Vision Fund burned through the massive cash pile amid plenty of tech bargains.

• If you are having a bad day as a trader, hear this out: giant venture capital group SoftBank just announced its flagship investment unit, Vision Fund, has suffered a record $32bn loss for the fiscal year ended March 31. The fund, headed by Masayoshi Son, targets high-risk growth stocks.
• While popular US-based tech shares rallied hard, Son’s stock picking led the fund into companies that were heavily battered by rising interest rates coupled with a lack of investor enthusiasm. It’s not Vision Fund’s first rodeo – the unit posted a $27bn loss for the year ended March 2022.
• Softbank Group 9984 in Tokyo) reported an annual net loss of $7.18bn as it was buoyed by selling its profitable stakes in Uber, T-Mobile, and Alibaba. A year ago, Masayoshi Son pledged to go into “defense mode” and consolidate the firm’s finances to withstand broader economic headwinds.