SoftBank posts record $23 billion loss on Vision Fund pain
CNN
SoftBank unveiled a $23 billion quarterly net loss on Monday, its biggest ever, as a market sell-off upended tech stocks and shredded valuations at its sprawling Vision Fund unit.
The pain in the April-June quarter comes fresh after the closely watched Vision Fund posted a record $26 billion loss in May, when rising interest rates and political instability disrupted global markets, and could test investor willingness to stomach further big losses.
SoftBank founder and CEO Masayoshi Son has already pledged to tighten investing criteria and preserve cash to ride out the downturn and on Monday he signaled cuts to headcount at the Vision Fund, saying there were no "sacred areas."