SoftBank Group Corp. posted a record loss at its Vision Fund Unit following a drop in the market value of public holding like Coupang, according to a report by Bloomberg on Monday.
The division’s loss in the three months ended September 30 was 825.1 billion yen ($$7.3 billion), surpassing the 788.6 billion yen loss the business reported amid pandemic-related write-downs.
The Tokyo-based company had an overall net loss of 397.9 billion yen over the period.
Masayoshi Son’s Vision Fund has been a volatile element of profit and loss after its creation in 2017. The first decline started in 2019 with Uber’s worse than expected IPO and the collapse of WeWork.
The global increase in technology stocks bolstered Vision Fund’s profits to new record-highs for three straight quarters last fiscal year.
Today, the falling value of some companies and tech sector clampdown by Beijing has once again pushed the business into negative territory. SoftBank Group down -0.77%