- Softbank Group Corp (OTC:SFTBY) (OTC:SFTBF) founder Masayoshi Son's controversial side venture SB Northstar, which focused on stock picking, just backfired, Bloomberg reports.
- SoftBank reported a record annual loss at its Vision Fund unit as a global selloff in tech shares battered the value of public holdings like Coupang, Inc (NYSE:CPNG) and DiDi Global Inc (NYSE:DIDI).
- The Vision Fund unit hinged to a loss of ¥2.64 trillion for the year ended March 31, down from a record ¥4.03 trillion profit in the previous year.
- SoftBank's overall annual net loss was ¥1.7 trillion versus a ¥5 trillion profit a year ago.
- Son took a personal 33% interest in the unit, while the company held the rest.
- SB Northstar has incurred significant losses as it reported earnings for the fourth fiscal quarter.
- SB Northstar scaled down its business to reallocate funds to investments under SoftBank Vision Fund 2.
- Northstar suffered the wrath of the tech stocks crashing in the last quarter.
- SoftBank saw a loss of ¥670 billion for the last fiscal year, while Son is on the hook for ¥315 billion ($2.44 billion).
- Price Action: SFTBY shares are trading lower by 5.83% at $17.03 on the last check Thursday.
