SoftBank Laying Off 30% Vision Fund Staff After Record $50 Billion Loss: Report

According to a person familiar with the development, notices have been served to employees of the Vision Fund and SoftBank Group International.

New Delhi: Japanese multinational conglomerate SoftBank is reportedly cutting around 150 staff globally at its Vision Fund Unit and SoftBank Group International. According to a person familiar with the development, notices have been served to employees of the Vision Fund and SoftBank Group International, the Reuters reported. Major cost centres including the United States, Britain and China are affected, the person added.

SoftBank CEO Masayoshi Son’s faced huge losses in some of his tech bets. Earlier, in August, Son said that SoftBank would have to resort to lay offs after the Vision Fund unit suffered a record $50 billion loss in the six months through June, with the billionaire caught out by rising interest rates and political instability that have hit tech valuations.

“We need to cut costs with no sacred areas,” Son said in August.

As the Vision Fund has radically scaled back investing activity, Masayoshi Son said SoftBank’s second Vision Fund would primarily manage its existing portfolio.