World

Top SoftBank exec and key Son ally steps back from more roles after losses mount at the Japanese giant

Rajeev Misra will step down from his role as CEO of SoftBank Global Advisors, which manages the Vision Fund 2. It comes as pressure mounts on SoftBank’s investment strategy amid a string of bad bets and a crash in technology stocks this year.

Patrick T. Fallon | Bloomberg | Getty Images

Rajeev Misra, a top executive at SoftBank and a key ally of CEO Masayoshi Son, stepped down from two roles at the Japanese investment giant after it recorded losses, the company said Wednesday.

Become a ySense member and start earning today totally free !

Misra will relinquish his roles of corporate officer and executive vice president at the SoftBank Group, effective Wednesday.

He will remain CEO of SoftBank Investment Advisers, the entity responsible for the $100 billion Vision Fund, which has taken high-profile bets on companies including Uber and Chinese ride-hailing giant DiDi.

The move comes just weeks after Misra stepped down from his role as CEO of SoftBank Global Advisors, which manages the second Vision Fund, called Vision Fund 2. Misra is building his own external multi-asset investment fund.

Misra was key in setting up the original Vision Fund in 2017 which turned SoftBank into one of the world’s biggest tech investors. It has made investments across the world, from the U.S. to China.

But SoftBank’s investment strategy has come under fire after a string of bad bets, such as WeWork, and a recent rout in technology stocks has battered the fund’s performance.

Indeed, SoftBank’s Vision Fund posted a record loss of 3.5 trillion Japanese yen for its financial year ended March 31.


Source link

pictory

Related Articles

Back to top button