SoftBank Group announced that it had lost 23.1 billion USD at its Vision Fund due to the current market turmoil and tech slump.
The company had booked a record loss at the Vision Fund unit in May as market volatility driven by rising interest rates and political instability hit the tech investor. SoftBank founder and CEO Masayoshi Son, has pledged to tighten investing criteria and preserve cash to weather the downturn.
The biggest losses for Vision Fund up until end of June 2022 came from robotics firm AutoStore holdings, and artificial intelligence firm SenseTime Group Inc.
The second Vision Fund’s stakes in 269 firms were worth $37.2 billion at end-June, compared with an acquisition cost of $48.2 billion.
In an attempt to raise cash, SoftBank has exited companies including ride hailer Uber Technologies and home-selling platform Opendoor Technologies (OPEN.O), for a total gain of $5.6 billion.
SoftBank sold Uber at an average share price of $41.47, compared to the Friday closing price of $32.01.
SoftBank’s sliding portfolio pushed it to a 3.16 trillion yen net loss in the latest quarter. That compared with profit of 761.5 billion yen in the same period a year earlier.
