The loss of 1.8 trillion yen is mainly due to valuation declines in the currently weak market environment, Softbank announced on Monday.
With a volume of around $ 100 billion, the “Vision” fund organized by Softbank has become the most solvent technology investor. However, the money was correspondingly relaxed, and last year the fund put billions in the sand with the failed big bet on the office space broker WeWork alone.
In the corona virus crisis, share prices now fell across the board and many companies lost revenue. Softbank did not disclose which investments in which companies led to the huge loss. The “vision” fund had put billions among others into the travel agent Uber and the hotel company Oyo.
Softbank, one of the fund’s financiers, is expected to post a loss of 750 million yen (6.4 billion euros) in the fiscal year ended March. The technology company announced the sale of $ 41 billion in holdings three weeks ago to appease dissatisfied shareholders. Among other things, Softbank was a key shareholder in the satellite company OneWeb, which filed for bankruptcy at the end of March.
TOKYO (dpa-AFX)
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