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SoftBank set for sharp quarterly profit drop amid pressure from Elliott – Source Reuters Tech News

TOKYO (Reuters) – Japan’s SoftBank Group (9984.T) is expected to post a slide in profits for the past quarter, deepening concern about its ability to secure funding for a second Vision Fund and giving activist fund Elliott Management more fodder for a shake-up.

FILE PHOTO: People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai//File Photo

Elliott, the New York-based fund founded by billionaire Paul Singer, has amassed a stake of almost $3 billion in SoftBank and is pushing for changes including $20 billion in stock buybacks, sources said last week.

The emergence of Elliott, one of the world’s most powerful activist investors, as a prominent SoftBank shareholder is likely to highlight the Japanese conglomerate’s difficulties following its soured bet on office-sharing startup WeWork.

SoftBank, which reported its first quarterly loss in 14 years in July-September, has come under increasing pressure for its lack of transparency, especially…

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Source Reuters Tech News

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