The logo of SoftBank Group Corp is seen at the company’s headquarters in Tokyo, June 30, 2016. — Reuters pic
Son transformed what began as a telecoms company into an investment and tech behemoth with stakes in some of Silicon Valley’s hottest start-ups through its US$100 billion Vision Fund. Son has insisted that his strategy is sound, and that SoftBank’s portfolio is broad enough to weather the storm, but acknowledged the challenges when the firm reported an eye-watering US$8.9 billion annual net loss in May, hit by the WeWork debacle and stock crashes.
Kawasaki told AFP that investor sentiment had been boosted by the firm’s decision to sell assets and buy back shares. But it warned that the pandemic continued to cause uncertainty, bolstering its investments in e-commerce and food delivery firms, but hammering those in the hotel and hospitality sectors.Son has struggled to interest investors in a second round of the Vision Fund as he deals with the woes of some of his most high-profile investments, notably WeWork.