- SoftBank Group Corp (OTC:SFTBY) (OTC:SFTBF) founder Masayoshi Son has raised the collateral stock to financial institutions as its shares plunged over 2021, Bloomberg reports.
- Son boosted the stock pledged as collateral to ~33% of his stake or 153.3 million shares in SoftBank as its shares sank 60% from their peak last year.
- Son disclosed an increase of about 8.05 million shares as of March 8, worth $291 million at March 15 prices.
- Also Read: JPMorgan Downgrades Alibaba and Other China Tech Stocks Following Selloff; Calls It "Uninvestable" For Next 6-12 Months, DiDi Had To Postpone Its IPO After Jack Ma's Ant: Bloomberg
- Daiwa Securities Group Inc (OTC:DSEEY) (OTC:DSECF) and UBS Group AG (NYSE:UBS) Tokyo Branch enjoyed the most significant increase in collateral.
- Son-backed companies, including China's DiDi Global Inc (NYSE:DIDI), Indian payments pioneer Paytm, and Alibaba Group Holding Ltd (NYSE:BABA), where it owned a significant stake, have suffered a tech market downturn.
- Price Action: SFTBF shares traded lower by 1.24% at $36.95 in the market session on the last check Tuesday.
