Why Are SoftBank Shares Trading Lower Today?

SoftBank Group Corp SFTBF SFTBY COO Marcelo Claure is in advanced negotiations to depart after clashing with founder Masayoshi Son over his compensation and responsibilities, Bloomberg reports.
Claure agreed to sell a majority stake in his cellphone distributor to SoftBank in 2013, becoming one of Son’s top lieutenants and a billionaire in the process.
Still, Claure, who was SoftBank’s second-highest paid executive in the latest financial year, has often pushed for much more money and authority.
The report adds that Claure pressed for as much as $1 billion in compensation because of his contributions, including the turnaround and sale of Sprint Corp and the listing of troubled WeWork Inc WE.
Claure also advocated for a spinoff of the Latin American investment fund he oversees for SoftBank.
Son saw little merit in a spinoff for SoftBank shareholders and thought it would complicate management and governance.
In the past, Claure floated the idea of resigning without actually doing so. The report adds that negotiations are ongoing, and the COO could still decide to remain at SoftBank.
Price Action: SFTBF shares traded lower by 8.17% at $41.38 on the last check Thursday.