SoftBank plans to cut at least 30% of its Vision Fund staff, sources confirm

Masayoshi Son, SoftBank’s CEO, considered various options for chipmaker Arm after Nvidia dropped its acquisition of the company.

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SoftBank is planning to cut at least 30% of the staff at its ambitious investment arm, the Vision Fund, a source confirmed to CNBC.

At least 150 of the Vision Fund’s 500 workers will be affected by the cuts, according to Bloombergfirst reported the news on Thursday.

SoftBank founder Masayoshi Son has foreshadowing cost-cutting and a more conservative investment approach this summer after the company announces $21.6 billion quarterly loss for the Vision Fund.

Although the fund is created to make big swings, as it did with companies like Uber and WeWork, Son said last month he had to learn to become “more systematic” about investments and less emotionally swayed by particular companies.

“Instead of targeting the home field… (us) try to target the first base or the second base,” Son said in August.

However, he said at the time, the number of Vision Fund heads may need to be “dramatically reduced” with the “reducing costs” required for the units.

SoftBank declined to comment.

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