$12.7bn annual operating loss for SoftBank driven by Vision Fund

SoftBank has reported a 1.36 trillion yen loss ($12.7bn) in line with its forecasts. These losses, which are the worst ever for SoftBank, have been driven largely by the $100bn Vision Fund, as a result of valuations e.g. WeWork, Uber, dipping in the wave of Covid-19. Alibaba Founder Jack Ma has also resigned from its board. Son invested $20m in Alibaba in 2000, a bet that paid big when Alibaba went public in 2014.