The Japanese soft bank group posted annual operating losses of 1.9 trillion yen ($ 18 billion) in its giant vision fund. According to Reuters, the Fund's investments in the technology sector have declined below the cost, which prompted the group to record its largest losses ever. The fund's investments of $ 75 billion in 88 startups became $ 69.6 billion at the end of March after incurring losses of nearly $ 10 billion in WeWork and Uber Technologies alone. . These disastrous results for the fund caused the group as a whole a loss of 1.4 trillion yen in the year ending in March. Chief Executive Masayoshi Son's strategy of pumping huge amounts of cash and paying for rapid growth resulted in losses in two consecutive seasons in the $ 100 billion fund before The epidemic of the new Corona virus was added to the scene. SoftBank recorded a loss of $ 7.5 billion in other investments in the technology sector mainly due to the economic shock due to the outbreak, which exacerbated underlying problems that were suffering from a lot of its investments. In startups that are not yet firmly established.
The company did not provide many details about the companies that witnessed write-offs of the assets, but provided details on the basis of sectors that showed that the value of the Fund's investment in construction and real estate has become less than half the cost price In addition to a sharp decline in investment in transport.
The group indicated that it is facing more problems and said that the uncertainty surrounding its investment activity will continue over the next financial year if the pandemic continues.
