The colossal losses are mainly due to the negative impact of the US giant WeWork on its accounts and the decline in the shares of many assets in its investment fund Vision Fund.
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Japanese conglomerate SoftBank Group reported losses of 961,576 million yen ($ 8.9 billion) at the end of its 2019 fiscal year ended March 31, 2019, as the value of several investments made through the fund had collapsed. Vision fund.
It is a statement Soft bench explained that the negative effects of We work In its net result, it was estimated at 720,800 million yen (approximately $ 6,700 million) and recognized as an expense.
Soft bench had to inject massive amounts of money We work In late 2019, to save the American company from bankruptcy after its project did not go public.
Jack Ma leaves the council
And when the annual financial statements declined, the SoftBank Group reported about it Jack Ma, Co-founder of the Chinese e-commerce giant Alibaba, will leave the board of directors of the company to which he has been a member since 2007.
Ma’s departure will be official on June 25th, though SoftBanck hasn’t discussed it in detail. The Chinese businessman had already decided last year to leave his position on the Alibaba board in order to concentrate on philanthropic projects.