reuters.com/markets/funds/softbank-posts-23-bln-loss-first-quarter-2022-08-08
SoftBank Group Corp (9984.T) is planning to cut headcount at its flagship Vision Fund investing arm. CEO Masayoshi Son said on Monday, after a crash in the value of its portfolio pushed his conglomerate to a record quarterly net loss. Vision Fund, which upended the world of venture capital with splashy bets on startups, posted a $23.1 billion loss in the April-June quarter.

The Vision Fund arm approved just $600 million in new investments in the first quarter, compared with $20.6 billion in the same period a year earlier. "We need to cut costs with no sacred areas," says the head of the fund. The fund has already suffered a series of high-profile reversals after big bets by the first Vision Fund in late-stage startups soured.

Shares closed up 0.7%, before the earnings were released, in line with the benchmark Nikkei 225 index. Hedge fund Tiger Global saw its flagship fund fall 50% in the first half of the year after it underestimated the impact of surging inflation on markets. Tiger Global competes with "unicorn hunter" Son on deals.
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