Vision Fund posted a $23.1-billion loss in the April-June quarter as value evaporated from its investments in the market rout
is planning to cut headcount at its flagship Vision Fund investing arm, CEO Masayoshi Son said on Monday, after a crash in the value of its portfolio pushed his conglomerate to a record quarterly net loss.
On Monday, the billionaire pledged to go further: limiting the second fund just to managing its current portfolio of investments, while planning workforce cuts at Vision Fund and cost reductions across the group.Son had already suffered a series of high-profile reversals after big bets by the first Vision Fund in late-stage startups such as office sharing company WeWork soured, prompting him to tighten investment controls with the second fund.
Listed investments that fell during the quarter included warehouse robotics firm AutoStore Holdings Ltd and artificial intelligence firm SenseTime Group Inc. To raise cash, SoftBank has exited companies including ridehailer Uber Technologies and home-selling platform Opendoor Technologies, for a total gain of $5.6 billion.
SoftBank on Monday announced an additional share repurchase program worth up to 400 billion yen to run to August next year.
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