The continuing sell-off in technology shares has led to a record 2.9 trillion Japanese yen (£18 billion) quarterly loss at SoftBank’s Vision funds.
The loss contributed to a record 3.16 trillion yen (£19 billion) net loss for the Japanese conglomerate in the three months to the end of June, down from a 761.5 billion yen profit in the same period last year.
The Vision funds are the world’s most prolific technology investors, with multibillion-dollar bets on companies from the ride-hailing businesses Didi and Grab to the e-commerce giant Coupang. The funds have been left exposed since the start of year after investor fears about rising interest rates triggered a sharp sell-off across high-growth tech stocks that had once been hugely popular with investors.
The quarterly