Last week, Softbank said it intended to sell about one-third of its stake in ride-hailing business Uber in a bid to cover some of the losses it’s made this year.
(Picture: REUTERS)Japan-based technology investment firm SoftBank posted a staggering $23 billion (£19 billion) net loss this morning, the largest in the company’s history as it became the latest victim of surging inflation and global recession fears.
The results add further pain on top of the $26 billion loss its Vision Fund posted in May. The firm’s Vision Fund 2 spent £40 billion investing in 269 firms which are now only worth a combined £31 billion.
