TOKYO (BLOOMBERG) - SoftBank Group forecast a record 1.35 trillion yen (S$17.76 billion) operating loss for the fiscal year ended in March, a sign of how badly Masayoshi Son's bets on technology start-ups have been battered in recent months.. Read more at straitstimes.com.
TOKYO - SoftBank Group forecast a record 1.35 trillion yen operating loss for the fiscal year ended in March, a sign of how badly Masayoshi Son's bets on technology start-ups have been battered in recent months.
"This is looking more and more like the perfect storm for SoftBank," said Justin Tang, head of Asian Research at United First Partners."The question is whether there is more to come." Son has also drawn unusual pressure from some investors. The US activist investor Elliott Management Corp took a substantial stake in the company, advocating for changes in governance and investing practices.
It's a dramatic turnaround for the 62-year-old Son. Just two months ago, he declared on stage in Tokyo that SoftBank's fortunes were turning around after the WeWork meltdown.He highlighted a big surge in the shares of Uber Technologies, one of SoftBank's bigger holdings, explaining that his company would likely be able to book a profit on the stake. He also declared WeWork poised for a comeback.
Complicating the situation is that Agarwal, 26, borrowed about US$2 billion to buy more shares in his own company. Son personally guaranteed the loans, Bloomberg News has reported.
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