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Marvel Studios' VFX artists became the first in their industry to file to unionize on August 7. "Turnaround times don't apply to us, protected hours don't apply to us, and pay equity doesn't apply to us," one artist wrote. "Turnaround times don't apply to us, protected hours don't apply to us, and pay equity doesn't apply to us," VFX artist Bella Huffman wrote in the press release. Rumors of Marvel Studios VFX artists' discontent and desire to unionize have been swirling for months. "She is known in the industry as a kingmaker," a former Marvel Studios VFX tech told Vulture.
Persons: , Bella Huffman, who's, Matthew D, Loeb, Vulture, Govil, Marvel, Victoria Alonso, Alonso Organizations: Marvel Studios, International Alliance, Technicians, Artists, Allied Crafts, Marvel, Guild of America, SAG, Entertainment Locations: Hollywood
SoftBank’s Arm-twisting fails to convince
  + stars: | 2023-08-09 | by ( ) www.reuters.com   time to read: +2 min
Shareholders already had good reason to take that with a pinch of salt. The Japanese conglomerate’s 478 billion yen ($3.3 billion) net loss, which missed analysts’ estimates, included an increase in the carrying value of chip designer Arm, even though revenue dipped. That allowed the company’s Vision Fund to post a $1.1 billion profit, its first in six quarters. But investors in the Japanese group will be waiting a long time for SoftBank’s new campaign to pay off. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Masayoshi Son, Yoshimitsu Goto, , Navneet, Arm’s, Antony Currie, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, SoftBank, Fund, Vision Fund, Twitter, Siemens, Thomson
The Vision Fund, which upended the world of technology with its big bets on startups, reported an investment loss of 730.36 billion yen ($5.52 billion) in the fiscal third quarter. At SoftBank itself, the net loss totalled 783.42 billion yen, compared with a 29.05 billion yen profit a year earlier. SoftBank said the Vision Fund unit had significantly curtailed new investments and was continuing to sell some older ones as part of "prudent defensive financial management" amid the challenging market environment. GOOD ARMThe bulk of the loss at the Vision Fund unit came from a steep decline in the valuation of investments in unlisted companies. Son invested heavily in artificial intelligence and other high-tech startups through the Vision Fund in recent years, delivering both record profits and heady optimism about future valuations.
SoftBank's Vision Fund just experienced one of its most dismal years in its history. SoftBank's Vision Fund was once a power broker, having raised a jaw-dropping $100 billion in 2017, followed by plans to raise $108 billion for Vision Fund 2 in 2019 — two of the largest venture-investing vehicles ever established. But insiders are now questioning if it will ever regain influence, according to 11 ex-Vision Fund investors, former employees, VCs, and industry analysts who weighed in on the future of the Vision Fund. One ex-Vision Fund investor described Son, now taking the reins of Vision Fund 2, as someone who is "not a manager." Given its investing performance so far, the obvious question is what happens once Vision Fund 2 has reached full investment.
SoftBank faces tech stock weakness at Q2 earnings
  + stars: | 2022-11-06 | by ( ) www.reuters.com   time to read: +2 min
TOKYO, Nov 7 (Reuters) - SoftBank Group Corp (9984.T) is expected to face further weakness in tech stocks when it reports second-quarter earnings on Friday, after two brutal quarters that have shaken Masayoshi Son's tech conglomerate. The Vision Fund investing arm booked $50 billion in losses in the six months to end-June as valuations slid. Founder and Chief Executive Son has moved to cut headcount and refocus the second fund on managing its existing portfolio. Alibaba (9988.HK), , which SoftBank has been selling to raise cash, has fallen more than 40% year-to-date. "For most/all funding needs, SBG will use Alibaba shares to defend its balance sheet or stock price," Goyal wrote.
TOKYO, Oct 21 (Reuters) - SoftBank Group Corp (9984.T) has created an executive committee to oversee its second Vision Fund, Latin America funds and any future funds, its founder and Chief Executive Masayoshi Son said in a memo to employees reviewed by Reuters. Alex Clavel will oversee investing teams in the United States and Latin America, Greg Moon will manage teams in Europe and Asia and Navneet Govil, Vision Fund's chief financial officer, will oversee other functional teams, Son wrote. Register now for FREE unlimited access to Reuters.com RegisterThe appointment of a new committee comes as Vision Fund architect Rajeev Misra has ceded his frontline role at the second fund to launch an external fund. Son has said the second fund invested at frothy prices and is slashing headcount at the Vision Fund unit. The creation of the executive committee was first reported by Bloomberg.
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