Complessivamente, the sliding portfolio pushed SoftBank to a 3.16 trilioni di yen ($ 23.4 miliardi) net loss in the latest quarter — its largest loss ever. That compared with profit of 761.5 billion yen in the same period a year earlier.
The Vision Fund unit saw a $ 23.1 billion hit in value.
Listed investments that suffered a fall in value included robotics firm AutoStore Holdings Ltd and artificial intelligence firm SenseTime Group Inc.
SoftBank said it wrote down the value of unlisted assets across its two Vision Funds by 1.14 trilioni di yen. Analysts have said writedowns of these private assets were unlikely to reflect the extent of current market weakness.
To raise cash
, SoftBank has exited companies including ridehailer Uber Technologies (UBER) and home-selling platform Opendoor Technologies
, for a total gain of
$ 5.6 miliardi.
SoftBank sold Uber at an average share price of $ 41.47, compared to the Friday closing price of $ 32.01.
The second Vision Fund’s stakes in 269 firms were worth $ 37.2 billion at end-June, compared with an acquisition cost of $ 48.2 miliardi.
Plunging initial public offering volumes and market skepticism towards money-losing startups have squeezed an important source of capital for SoftBank
, which hopes to list chip designer Arm following the collapse of a sale
per Nvidia (NVDA)
SoftBank hasn’t been the only casualty of the tech sell-off.
Hedge fund Tiger Global, which competes with “unicorn hunter” Son on deals, saw its flagship fund fall 50% in the first half of the year after it underestimated the impact of surging inflation on markets.
Berkshire Hathaway booked a $ 44 billion quarterly loss on its investments and derivatives, with Chief Executive Warren Buffett urging investors to ignore the fluctuations.