Softbank fund warns of $16.7bn loss due to virus

Softbank fund warns of $16.7bn loss due to virus

SoftBank expects the value of its technology fund to have loss of as much as $16.7 billion over the last fiscal year, its first annual loss in 15 years, as its investments have been hit hard by the fallout from the coronavirus pandemic and by big bets on unprofitable companies like WeWork. The group’s shares, which are down by 11.7% this year, closed down 3.4% ahead of the announcement.

David
David
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