SoftBank's Stock Picking Unit Suffers Colossal Losses Due To Tech Meltdown - SOFTBANK GROUP CORP by Softb

Softbank Group Corp (OTC:SFTBY) (OTC:SFTBF) founder Masayoshi Son's controversial side venture SB Northstar, which focused on stock picking, just backfired, Bloomberg reports.
SoftBank reported a record annual loss at its Vision Fund unit as a global selloff in tech shares battered the value of public holdings like Coupang, Inc (NYSE:CPNG) and DiDi Global Inc (NYSE:DIDI).
The Vision Fund unit hinged to a loss of ¥2.64 trillion for the year ended March 31, down from a record ¥4.03 trillion profit in the previous year.
SoftBank's overall annual net loss was ¥1.7 trillion versus a ¥5 trillion profit a year ago.
Son took a personal 33% interest in the unit, while the company held the rest.
SB Northstar has incurred significant losses as it reported earnings for the fourth fiscal quarter.
SB Northstar scaled down its business to reallocate funds to investments under SoftBank Vision Fund 2.
Northstar suffered the wrath of the tech stocks crashing in the last quarter.
SoftBank saw a loss of ¥670 billion for the last fiscal year, while Son is on the hook for ¥315 billion ($2.44 billion).
Price Action: SFTBY shares are trading lower by 5.83% at $17.03 on the last check Thursday.

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