SoftBank has warned of a writedown of more than ¥1tn ($9.6bn) on investments held outside its huge Vision Fund, as the coronavirus crisis piles new pressure on founder Masayoshi Son’s bet on struggling WeWork.
The Japanese technology group’s widened loss forecast, announced on Thursday, came just two weeks after SoftBank flagged a ¥1.8tn blow to its $100bn, Saudi-backed technology fund, underscoring the depth of its exposure to the market turmoil sparked by the pandemic.
SoftBank said a newly recognised non-operating loss of ¥700bn on WeWork arose from the “fair value measurement” of the multibillion-dollar rescue package that the Japanese group put in place when the lossmaking US property group was on the brink of insolvency last year.
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