SoftBank’s signature Vision Funds have suffered a quarterly investment loss of $5.5bn as the technology conglomerate puts less money into start-ups to navigate a global tech rout and higher borrowing costs.
For the first time in decades, the group’s billionaire founder Masayoshi Son is not expected to deliver a presentation on Tuesday after his announcement last year that he would focus on listing the UK chip designer Arm.
In recent quarters, SoftBank has emphasised the group’s shift to a more “defensive” position, with its emphasis on retaining cash. The message is designed to reassure investors worried about the group’s borrowing costs with interest rates rising around the world.
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