Business

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.

Alessandro Di Ciommo | Nurphoto | beautiful pictures

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.

Subscribe to CNBC on YouTube.

WATCH: SoftBank’s Masa Son says company is going into ‘defensive mode’ amid tech trends

SoftBank's Masa Son says company is going into 'defensive mode' amid tech landscape



Source link

news7f

News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button