SoftBank Group Corp’s Vision Fund has reported losses despite the rebound in the tech industry. The Japanese conglomerate’s investment arm, which manages $100 billion in assets, reported a net loss of $6.4 billion for the fiscal year ending in March.
The Vision Fund’s portfolio includes several high-profile investments in companies such as Uber, WeWork, and Slack. However, many of these investments have struggled in recent years, with some companies failing to meet revenue targets or facing regulatory challenges.
The losses come as a surprise to many in the industry, as the tech sector has rebounded strongly following the COVID-19 pandemic. However, SoftBank Group Corp’s CEO, Masayoshi Son, has remained optimistic about the company’s prospects, stating that the Vision Fund’s long-term strategy remains intact.
“We remain committed to investing in innovative technologies that have the potential to transform industries and create value for our shareholders,” said Son.
Despite the losses, the Vision Fund remains a significant player in the tech industry, and SoftBank Group Corp has pledged to continue investing in innovative technologies. The company has already announced plans to launch a new $100 billion fund, which will focus on investing in artificial intelligence and other emerging technologies.
“We are confident in the long-term potential of the tech industry, and we remain committed to investing in innovative companies that have the potential to disrupt traditional industries and create new opportunities,” said a spokesperson for SoftBank Group Corp.
The losses reported by the Vision Fund have raised questions about SoftBank Group Corp’s overall strategy and the sustainability of its investments. However, the company remains optimistic about its prospects, and many industry experts believe that SoftBank Group Corp will continue to be a major player in the tech industry for years to come.