SoftBank’s $100 billion Vision Fund is surely the most-scrutinized in the world, and for good reason. Some, like cancer researcher Guardant Health, had clear connections to the technology. Specifically, his career-clinching deal and SoftBank’s crown jewel, the $20 million check he wrote into Chinese marketplace Alibaba—now valued at more than $120 billion. No one made more riding the dot-com bubble 20 years ago, with the likes of Yahoo and E-Trade; no one lost more, either (99 percent of SoftBank’s market cap, to be exact). “Tactically, I’ve made regrets,” he continues. We are talking about God’s word, God’s grace to be where we are. The ultimate price is more than the multibillion-dollar loss. Private valuations of tech unicorns may have got out of step with public-market appetiteMr Son bet on Adam Neumann, WeWork’s charismatic co-founder, after meeting him for half an hour in 2017. “But strategically, I am unchanged. I regret it in many ways," CEO Masayoshi Son said at a news conference, according to The Wall Street Journal. I'm a senior editor at Forbes covering venture capital, cloud and enterprise software out of New York.
This story appears in the May 30, 2020 issue of Forbes Magazine.
But Moody’s downgraded its rating for SoftBank by two notches deeper into junk. But the elephant in the room isn’t actually in the room—it’s early March, and Coupang is presenting remotely because of the coronavirus outbreak in Asia. According to Fisher, though, almost every executive stayed on to weather “a couple of years of real pain” with their boss. . “We can invest in the next two years at very low cost,” Son adds. If I was out on the street, not investing at Vision Fund, no one would be saying that.”)Misra signed up the investors, led by Saudi Arabia’s Public Investment Fund, for a record $100 billion fund with orders to spend no less than $100 million to amass large stakes in emerging market leaders of Son’s AI-powered new order. Vision-wise? It’s other obvious things, with AI used only a little bit. SoftBank today doesn’t have the market’s full trust. Masayoshi Son’s Japanese bankers are taking a hard look at their most important client. “Alibaba the first 10 years had almost zero revenue,” Son tells them. But right now, it seems quite frothy. Outside SoftBank, much of Silicon Valley scoffs at the authenticity of such moves, or questions whether they’re too little, too late. For three days at the bubble’s peak, Son has claimed, he was the richest man in the world. “Today, people say, oh, it’s just transportation. One of the options even included taking all of SoftBank Group private, though a source with knowledge of those discussions says that given the massively complex regulatory and structural complications, it’s not considered viable. By the time the bubble had fully burst, in 2002, SoftBank had lost 99% of its market cap, going from $180 billion to just $2 billion. That’s OK, he adds, as long as a similar number of 15 or so companies break out. “I think SoftBank has a challenge,” says Ilya Strebulaev, a professor at the Stanford Graduate School of Business who has studied startup unicorns. “I’ll hear something from Masa and my reaction is like, wait, what? SoftBank allowed another, satellite internet startup OneWeb, to file for bankruptcy even after previously investing about $2 billion. . SoftBank still owns British chipmaker Arm and wireless carrier Sprint, set to merge with T-Mobile in April, as well as big stakes in Alibaba and SoftBank Corp., the Japanese carrier it took public in 2018, among others. “He can be incredibly self-effacing and humble in terms of understanding his own shortcomings.” A cautionary tale by this point, Son spent the next decade-plus bringing SoftBank all the way back. He’d already sold an electronic-translator business to Sharp and made over $1 million importing refurbished arcade machines by the time he went back to Japan the following year to start a business designed as a “software bank,” SoftBank. Post was not sent - check your email addresses!
But in a new interview, Son admitted his perception of … I want you to see and to feel what is going to happen.” There are indeed some dandies there, including TikTok owner ByteDance and Korean e-commerce leader Coupang. “The companies today have an initial move ahead of everyone else,” Son says. But the legendary investor has other Softbank assets, a track record — and a plan.Things have changed so quickly that SoftBank’s stock might actually jump if the Vision Fund shut down entirely. Vision Fund partner Lydia Jett says she and her colleagues have a new focus: to help portfolio companies renegotiate with lenders and landlords, rebalancing budgets and balance sheets, and learning from its Asian portfolio companies that face the worst of COVID-19 first.
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Masayoshi Son WeWork