News Analysis
Japanese tech investment giant SoftBank Group has decided to sell one-third of its Alibaba stake to raise $34 billion in cash, following a record $23.4 billion loss in the second quarter. Founder and CEO Masayoshi Son admitted at a press conference that he is “quite embarrassed and remorseful.”
Furthermore, China’s regulatory crackdown on various sectors, such as technology and education, has affected major Chinese companies that SoftBank has invested in.
Huge Loss
SoftBank announced on Aug. 8 that it lost $23.4 billion from April to June as it was hit hard by a global tech sell-off. This was another huge loss after posting a loss of $12.7 billion in the first quarter….