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When SoftBank founder Masayoshi Son launched his $100 billion Vision Fund over half a decade ago, the economy was sunny, startups were being sprayed with money and a new technology-led era was on the horizon. At the time, he claimed to have a 300-year plan.
The Vision Fund, backed by tens of billions of dollars of sovereign wealth money from the Gulf region, was meant to showcase the enormous might of technology companies, generating off-the-chart returns for investors by betting on founders with the verve to revolutionize society.
That apparently took the form of WeWork's Adam Neumann, the fantastical robot-pizza maker Zume, and the dog-walking app Wag.
But on Thursday, the Japanese conglomerate's technology investment unit reported a seismic $32 billion loss for its full year, as soaring interest rates, a raging war in Europe, and a general economic malaise weighed on earnings.
Son's ambitious, almost ludicrous, project may no longer be fit for purpose in a world that's returning to its senses.
www.businessinsider.com
The Vision Fund, backed by tens of billions of dollars of sovereign wealth money from the Gulf region, was meant to showcase the enormous might of technology companies, generating off-the-chart returns for investors by betting on founders with the verve to revolutionize society.
That apparently took the form of WeWork's Adam Neumann, the fantastical robot-pizza maker Zume, and the dog-walking app Wag.
But on Thursday, the Japanese conglomerate's technology investment unit reported a seismic $32 billion loss for its full year, as soaring interest rates, a raging war in Europe, and a general economic malaise weighed on earnings.
Son's ambitious, almost ludicrous, project may no longer be fit for purpose in a world that's returning to its senses.
SoftBank's founder compared himself to Jesus and Yoda. His tech fund lost a record $32 billion this year.
SoftBank was once described as a "spaceship." Economic turmoil has brought it crashing to Earth.
www.businessinsider.com
