Know the reason behind the record $32 billion loss to SoftBank's Vision Fund.
Japan's SoftBank Group has investments in many startups and large companies around the world.
This big loss to SoftBank's Vision Fund is due to the reduction in the valuation of tech startups.
The SoftBank Vision Fund made new and follow-on investments totaling $3.14 billion this fiscal year.
SoftBank Vision Fund reported a net loss of 970.14 billion yen for the fiscal year.
This year, SoftBank reported a loss of nearly $6 billion in the quarter ending December, which was unprecedented.
SoftBank has removed many startups and companies such as Uber, T-Mobile, and Alibaba from the portfolio.
SoftBank said in its earnings report on Thursday that this happened due to the weak performance of tech startups.
SoftBank Group Corp stock details: Mkt cap: 7.55LCr Div yield: 0.86% CDP score: A- 52-wk high: 7,180 JPY 52-wk low: 4,491 JPY
Let us tell you that for the second consecutive financial year, SoftBank Group has been at a loss.