From Breakingviews - SoftBank is paying for Son’s past exuberance
It’s not a great way to make money. SoftBank’s family of startup-investing vehicles, including the two Vision Funds and a Latin America-focused one, have clocked up $6.6 billion of cumulative losses on their investments since 2017.
Son, who has also stopped leading the company’s earnings calls, seems to be chastened by all the red ink. Another explanation for his slower pace of dealmaking is that he simply can’t do more. As of December 2022, the second Vision Fund had already drawn over 90% of its committed capital. In other words, Son is out of ammunition just when it would be the most useful. He has no one to blame but himself.
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