Hedge fund Elliott Management has dumped almost all of its position in Japan’s SoftBank, in the latest sign of growing investor unease in the fortunes of the world’s biggest technology investment group.
The US-based activist investor has decided to effectively end its multiyear bet on SoftBank by selling down the vast majority of its remaining shareholding, having previously bought as much as $2.5bn in the group, according to people familiar with the trade.
One of these people said Elliott made its move after losing conviction in the Japanese group’s billionaire founder Masayoshi Son and his ability to close the huge gap between the value of SoftBank’s various holdings and its market capitalisation.
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