SoftBank reported a huge loss of $8.9 billion from WeWork and Uber, its 1st quarterly loss in 14 years
The hit was in the company’s $100 billion Vision Fund and related in large part due to the terrible performance of one of its largest portfolio companies, WeWork. —including allegations of then-CEO Adam Nuemann’s financial self-dealing and burning through copious amounts of cash—pulled back the curtain on Son’s investment strategy of rolling the dice on tech founders who tell a good story.
WeWork is not the only tech investment that is not working for Son. High-profile investments in Uber, Slack, Guardant Health, Wag, Plenty and Fair are all performing poorly.burning through its cash and nowhere near profitability. Uber’s stock price is substantially down from its IPO price and inside investors will soon be allowed to sell their holdings, which will likely further put downward pressure on the stock price.
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