SoftBank Group’s Masayoshi Son plans job cuts after record $23-bn loss

SoftBank Group’s Masayoshi Son said he plans widespread cost cutting at his Japanese conglomerate and its Vision Fund investment arm after a record $23.4-billion loss on plunging portfolio valuations and foreign currency losses.

The Tokyo-based company lost the vast majority of that money — $17.3 billion — in the Vision Fund, as it marked down the value of holdings such as Coupang, SenseTime Group and DoorDash. SoftBank also reported a $6.1-billion foreign exchange loss because of the weaker yen.

The 64-year-old struck a darkly sombre tone after the results, taking responsibility for buying into start-ups at the height of the market and pledging to slash expenses to get back on track.