SoftBank Vision Fund is reportedly laying off 30% of its workforce, or at least 150 employees


Products You May Like

The Vision Fund, a venture capital arm of SoftBank, has launched a sweeping layoff process, cutting at least 30% of its workforce globally, or approximately 150 of the 500 employees, according to a report by Bloomberg.

The news comes nearly two months after SoftBank chief executive officer and founder Masayoshi Son said the company would review the organization’s size and structure and that it planned to do some cost-cutting due to a record 3.2 trillion JPY (about $23.4 billion) loss in the three months ended in June.

It is unclear which regional offices would be affected by the layoffs. The London-headquartered VC firm has offices in the U.S. and Asia. SoftBank declined to comment when reached by TechCrunch.

The majority of SoftBank’s record loss — approximately $17.3 billion — ties to the Vision Fund, which has backed more than 470 startups globally in the past six years. Son also said during SoftBank’s earning report in August that some unicorn founders are unwilling to accept lower valuations in fresh funding, which has led him to believe the winter may be longer for unlisted startups. During the earnings call, the Japanese tech firm said it had marked down 284 of its portfolios in the latest quarter, including listed corporations and still-private startups.

SoftBank recently cut the valuation of its portfolio company Oyo to $2.7 billion, for example; the India-based hotel chain startup is months away from its IPO. In another major readjustment, Klarna, a SoftBank-backed firm, raised $800 million in new financing in July a $6.7 billion valuation, down from the $45.6 billion valuation that SoftBank assigned the company a year ago.

Despite the massive losses, the Japanese tech conglomerate is reportedly considering launching a third Vision Fund, according to a recent WSJ piece.

Products You May Like

Articles You May Like

The Final Cut Reviews; Deet n Bax Save th’ World – A Stoner Comedy Starring Jason Mewes, Craig Michaelson and Weston Cage.
Deet n Bax Save the World Movie Starring Jason Mewes Premier on 4/20/2015 in Portland
Feature Film “Deet n Bax Save the World” Starring Jason Mewes to be Released on 4/20/2015 ”Deet n Bax Save the World” an Action Stoner Comedy starring Jason Mewes produced by TruEarth Entertainment.
TruEarth Entertainment to Deliver First Feature Film Starring Jason Mewes
Deet n Bax Save the World Movie – Sex, Guns & Weed!
Deet n Bax Save the World wrapped on November 4th!
Deet n Bax Save the World resumes filming this Monday in Portland Oregon!
Deet and Bax Save The World Movie Resumes Filming Soon!
Queen Camilla dazzles in green and Queen-loved brand boots for poignant outing
Parental methods to help toddlers sleep are related to the development of a child’s temperament
Princess Margaret’s huge ‘Triumph of Love’ tiara showed off unusual gems
Gareth Southgate asked about England being booed off by fans after USA draw at World Cup
HSBC announces increase to interest rate on savings account to 5 percent

Leave a Reply

Your email address will not be published. Required fields are marked *