SoftBank sees $12.5 bn loss in Vision Fund

SoftBank Group Corp. forecast $12.5 billion operating loss for the fiscal year ended in March, a sign of how badly Masayoshi Son’s bets on technology startups have been battered in recent months. SoftBank taken blow after the recent bailout scene, SoftBank bet heavily on sharing-economy startups, which allow people to split the use of offices or cars, but those investments have been particularly hard hit as the coronavirus pandemic curbs unnecessary human interaction. The Vision Fund probably wrote down about 1 trillion yen in assets in the March quarter, based on its earlier earnings reports. SoftBank didn’t detail all the startups that took hits.

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