SoftBank’s founder Masayoshi Son has scaled back his ambitions for a second Vision Fund following the group’s disastrous WeWork bet and an attack from the world’s most feared activist investor.
The billionaire made the admission on Wednesday after SoftBank revealed that a series of wagers by its first Vision Fund had sent the Japanese group’s third-quarter operating profits tumbling 99 per cent.
The results included ¥225bn ($2bn) in unrealised losses at the Saudi-backed investment vehicle that was launched in 2017 to make bold bets on technology groups ranging from Uber to Slack.
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