SoftBank's Vision Funds have now posted paper losses of over $49bn in the past two quarters as the downward trend for tech stocks puts pressure on its parent company.
Telecommunications and internet group SoftBank plans to cut staff at its Vision Funds, which suffered a ¥2.92 trillion ($21.7bn) paper loss in the three months ending June 2022 as the stagnant stock market continues for tech companies.
“For SoftBank Vision Fund, we know we have to reduce operational costs substantially,” said SoftBank CEO Masayoshi Son (pictured) today. “Our vision remains the same, our beliefs remain the…
