May 18 - 10:05
SoftBank: Vision Fund loses $18 billion, Jack Ma resigns from board
An $18 billion black hole in its Vision Fund has led to SoftBank reporting record losses of $13 billion. Losses of $10 billion came from its investments in WeWork and Uber alone. SoftBank also withheld dividend guidance for the first time since 1994. “The coronavirus is an unprecedented crisis,” said Masayoshi Son. Additionally, Alibaba Group co-founder Jack Ma is to step down from its board.
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