08 August 2022 - 09:16SoftBank reported a record ¥3.16-trillion net loss as a sell-off in global tech stocks continued to hammer its Vision Fund’s portfolio of investments.
Global stock prices continued their slide during the June quarter, hurting valuations of SoftBank’s key public holdings such as Uber Technologies and Coupang . The Nasdaq 100, a barometer for tech heavyweights, lost 22% during the period, capping its worst such performance since the global financial crisis in 2008.
The world’s largest technology fund holds large stakes in hundreds of unlisted technology start-ups. But low tech valuations have been draining SoftBank’s ability to turn public listings of its portfolio companies into liquidity to fuel further big bets.
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