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Tuesday, September 26, 2023

SoftBank Laying Off 30% Vision Fund Staff After Record $50 Billion Loss: Report

New Delhi: Japanese multinational conglomerate SoftBank is reportedly cutting around 150 staff globally at its Vision Fund Unit and SoftBank Group International. According to a person familiar with the development, notices have been served to employees of the Vision Fund and SoftBank Group International, the Reuters reported. Major cost centres including the United States, Britain and China are affected, the person added.Also Read – Another Startup, Another Field Of Work, Same Story – Lay offs

SoftBank CEO Masayoshi Son’s faced huge losses in some of his tech bets. Earlier, in August, Son said that SoftBank would have to resort to lay offs after the Vision Fund unit suffered a record $50 billion loss in the six months through June, with the billionaire caught out by rising interest rates and political instability that have hit tech valuations. Also Read – Unacademy Begins Major Cost-Cutting Exercise, Lays Off 1,000 Employees. Complete Details Here

“We need to cut costs with no sacred areas,” Son said in August. Also Read – SoftBank Representatives To Quit Boards Of Paytm, Policybazaar

As the Vision Fund has radically scaled back investing activity, Masayoshi Son said SoftBank’s second Vision Fund would primarily manage its existing portfolio.

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