SoftBank got hit hard as the company reported a net loss of $23 billion after diminishing technology valuations and a weak yen. The company is now looking for ways to drastically cut costs in the coming months.
SoftBank has put a significant amount of money into tech companies that experienced a rough spring causing SoftBank to lose out on a large part of its investment. To make matters worse for the company the Yen is at a 24-year low against the U.S. dollar which holds roughly half of SoftBank’s total investments.
Masayoshi Son himself stated that he should have been more selective with his investments throughout the year but became too confident after so many successful investments.
The company is now in recovery mode and is looking to cut costs wherever it can. Fortress Investment Group, which was acquired by SoftBank back in 2017, is up for sale by SoftBank and the company is awaiting buyers with an open mind.
Source: Financial Times