SoftBank’s Funds Post $27Bn Loss, CEO Calls For A More Conservative Approach
It has been a dire fiscal year for tech stocks, with the NASDAQ down by 27% in 2022. This is the stage for the crash of SoftBank Group Corp (TYO:9984)’s Vision Funds, which posted a record $27 billion loss in the year ended March, prompting CEO Masayoshi Son to take defense. Disappointing YearUpon the release of SoftBank’s fiscal year results, Son acknowledged the Japanese corporation would be more careful when choosing deals, be more strict when it came down to identifying investment opportunities, and focus on boosting returns from its portfolio firms. Q1 2022 hedge fund letters, conferences...