TOKYO (Reuters) – SoftBank Group Corp’s (9984.T) estimate it will post a record $13 billion full-year loss, dragged down by its spluttering $100 billion Vision Fund, has renewed attention on a planned asset sell-down aimed at raising cash and restoring confidence.
FILE PHOTO: Japan’s SoftBank Group Corp Chief Executive Masayoshi Son bows his head after his presentation at a news conference in Tokyo, Japan, November 5, 2018. REUTERS/Kim Kyung-Hoon//File Photo
SoftBank shares fell as much as 4% on Tuesday before recovering to close up 5% after the group late on Monday said it sees a 1.8 trillion yen ($16.7 billion) full-year loss at the Vision Fund as its tech bets crumble.
The disastrous performance at the fund on which Chief Executive Masayoshi Son has staked his reputation will drag the entire group to its largest annual loss, underscoring the need for his plan to raise up to 4.5 trillion yen through asset sales.
While domestic carrier SoftBank Corp (9434.T) is seen as a…
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