Before the meltdown at WeWork and the outbreak of the coronavirus pandemic, Masayoshi Son said he would like to raise a new Vision Fund every two to three years after his initial $100 billion fund. Now the first Vision Fund looks like it could be the last.
SoftBank Group Corp. announced Monday that the Vision Fund lost ¥1.9 trillion ($17.7 billion) last business year, triggering the worst loss ever in the company’s 39-year history.
SoftBank had to write down the valuations of companies like WeWork and Uber Technologies because of business missteps and the coronavirus fallout. Its return on the fund is negative 6 percent, compared with 62 percent just a year ago.
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