Winter has arrived early for SoftBank. The Japanese tech investor is “in the middle of a blizzard”, according to founder Masayoshi Son. It looks a bleaker picture from the rainbows he pointed to just six months ago.
SoftBank has promised unhappy investors that it will repurchase almost 15 per cent of its shares, or ¥1tn ($8.8bn) over the next 12 months. This is a victory for tough US hedge fund Elliott Management.
On Monday, SoftBank posted a net loss of ¥397bn compared with a profit of ¥628bn a year earlier in its second quarter to September. A record valuation loss at its Vision Fund unit gets most of the blame.
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