SoftBank foresees $12.5 billion loss as startup bets backfire

The Japan Times 

SoftBank Group Corp. forecast a record ¥1.35 trillion 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. The company expects to record a ¥1.8 trillion ($16.7 billion) loss from its Vision Fund and another ¥800 billion in losses from SoftBank's own investments. It has written down the value of investments in companies, including office rental startup WeWork and satellite operator OneWeb, which filed for bankruptcy last month. Son's conglomerate has taken one blow after another since the implosion of WeWork's initial public offering last year and SoftBank's subsequent bailout. It 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.