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☆ SoftBank prepares new round of layoffs at Vision Fund, Reuters reports
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: +1 min

SoftBank's Vision Fund posted a record loss in the year ended Mar. The flagship tech investment unit has been hit by the falling prices of tech stocks. SoftBank Group Corp is planning a fresh round of layoffs at its Vision Fund investment arm, two people familiar with the matter said, the latest cost-cutting move at the Japanese conglomerate. SoftBank's Vision Fund unit, which has booked heavy investment losses, had headcount of 349 at the end of March, according to a company report. It cushioned the investment loss at the Vision Fund unit by selling down its stake in Alibaba Group Holding Ltd.

Persons: ByteDance Organizations: Vision, Mar, SoftBank, Corp, Vision Fund, Fund, International, Alibaba, Holding Locations: U.S, China

May 29 (Reuters) - SoftBank Group Corp (9984.T) owned chip designer Arm on Monday rolled out new technology for mobile devices and Taiwan smartphone chip maker MediaTek Inc (2454.TW) said it will be using it for its next-generation product. In Arm's blog announcing the new products, MediaTek said the new chips will help improve the performance of its next-generation smartphones. "Investors have become extremely sensitive to any news about AI or chip technology and jumped on this Arm news," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. Last month the Financial Times reported that Arm was developing its own chip to showcase the capabilities of its designs. Arm said the Cortex-X4 was taped out on TSMC's N3E process and said it was an industry first.

☆ 'Extremely regrettable': SoftBank hits back after S&P cuts credit rating further into junk
▼ + stars: | 2023-05-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

SoftBank offered a sharp rebuke on Wednesday to S&P Global Ratings, after the agency downgraded the Japanese giant's credit rating. "Over the past year, our strict defensive financial management has strengthened our financial position as never before," SoftBank said. "It is extremely regrettable that our financial soundness was not properly assessed, and we will continue our dialogue with S&P." S&P Global Ratings on Tuesday cut SoftBank's rating to "BB" from "BB+" — where it deems a company's credit rating as "speculative grade" or "junk." SoftBank shares closed down 2.3% in Tokyo on Wednesday.

Persons: Son, SoftBank, Uber Organizations: Nvidia, Mar Locations: Tokyo

☆ Microsoft's venture capital arm, M12, has faced months of turmoil over a change in strategy and pay, insiders say
▼ + stars: | 2023-05-19 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +11 min

Microsoft's M12 changed its strategy to become less like a VC and more like a business development team. "As with any leadership and strategy change, we aligned our team in a way that helps us meet our future direction. The problem with that shift, sources said, is that a corporate fund needs people who have very different career goals than an independent venture fund does. "Over the last year and half, we brought on new leadership at M12 and intentionally changed our corporate VC strategy. Employees who went along with the strategy change are generally happy at the fund, two of the people said.

☆ SoftBank shares drop after its Vision Fund tech investment unit posts a $32 billion record loss
▼ + stars: | 2023-05-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

In this article 9984.T-JP Follow your favorite stocks CREATE FREE ACCOUNTSoftBank's Vision Fund posted a record loss in the year ended Mar. The flagship tech investment unit has been hit by the falling prices of tech stocks. Akio Kon | Bloomberg | Getty ImagesShares of Japanese tech investor SoftBank fell on Friday after the company reported a record loss at its Vision Fund tech investment unit. The company said on Thursday that its Vision Fund segment lost a record 4.3 trillion Japanese yen ($32 billion) for its fiscal year ending Mar. The $100 billion Vision Fund was launched in 2017 under the stewardship of SoftBank founder Masayoshi Son and shook up the tech investing world.

☆ SoftBank posts record $32 billion loss at its Vision Fund tech investment arm
▼ + stars: | 2023-05-11 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The Japanese giant's Vision Fund segment posted a 4.3 trillion Japanese yen ($32 billion) loss for its fiscal year ending Mar. 31 versus a 2.55 trillion yen loss in the same period a year before. SoftBank posted an overall loss on investments at its Vision Funds of 5.28 trillion Japanese yen versus 3.43 trillion yen a year before. The brainchild of founder Masayoshi Son, SoftBank's Vision Fund comprises Vision Fund 1 and Vision Fund 2 and invests in high growth stocks, which have faced headwinds from rising interest rates globally causing investors to sell out of riskier equities such as tech. Misra was instrumental in the early days of the Vision Fund, which was launched in 2017.

☆ Jellysmack is hiring a new M&A leader as it eyes acquisitions in the 'near future'
▼ + stars: | 2023-05-09 | by ( Dan Whateley | ) www.businessinsider.com time to read: +3 min

Creator company Jellysmack is hiring a new M&A lead to help integrate companies that it buys. Jellysmack said it's interested in M&A and could be "acquisitive in the near future." Creator startup Jellysmack is hiring a new executive to lead its M&A integration practice as the company looks to diversify its business and grow its content portfolio, a company spokesperson confirmed to Insider. "Jellysmack remains interested in the M&A market and could be acquisitive in the near future," the spokesperson said. "The VP, PMI role we are hiring for will ensure the integration of any acquisitions are successful."

☆ CEO of fitness band maker Whoop mocks the demise of Amazon's Halo health device
▼ + stars: | 2023-05-04 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +5 min

The CEO of Whoop, a fitness band favored by athletes, is claiming victory over Amazon after the e-retailer pulled the plug on its line of Halo devices. Amazon said last week it will discontinue its Halo health and fitness devices, and shut down the Halo program, resulting in some employees being let go. Whoop CEO Will Ahmed said he views the demise of Halo as a win for his startup. He claimed the Halo wristband, which tracks users' physical activity, sleep and mood, was a knockoff of Whoop's own device. Whoop launched its first product, the Whoop 1.0, in 2015.

☆ SoftBank's Arm registers for blockbuster U.S. IPO
▼ + stars: | 2023-04-30 | by ( ) www.cnbc.com time to read: +1 min

SoftBank Group Corp's chip maker Arm has filed with regulators confidentially for a U.S. stock market listing, Arm said on Saturday, setting the stage for this year's largest initial public offering. The IPO registration shows that SoftBank is pressing ahead with the blockbuster offering despite adverse market conditions, after saying in March that it planned to list Arm in the U.S. stock market. Arm plans to sell its shares on Nasdaq later this year, seeking to raise between $8 billion and $10 billion, people familiar with the matter said. In a statement, which confirmed an earlier Reuters report on the planned IPO, Arm said the size and price range for the offering has not yet been determined. SoftBank and Arm declined to comment.

While SoftBank had said in March it planned to list Arm in the U.S. stock market, the company's IPO registration shows that it is pressing ahead with the blockbuster offering despite adverse market conditions. Arm plans to sell its shares on Nasdaq later this year, seeking to raise between $8 billion and $10 billion, the sources said. SoftBank and Arm declined to comment. There are signs that the IPO market is beginning to thaw. Arm's IPO preparations are being led by Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N), Barclays (BARC.L) and Mizuho Financial Group (8411.T).

Alibaba, one of the most valuable assets in SoftBank's portfolio, tumbled as much as 5.2% in Hong Kong and closed down about 2%. On Wednesday, the FT said forward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%. The Japanese group, led by billionaire founder Masayoshi Son, has sold about $7.2 billion worth of Alibaba shares this year through prepaid forward contracts, the newspaper said. "It is well within the realms of expectations that the proportion of Chinese shares among its total investment will shrink further." In New York, Alibaba's shares were up 3% as analysts noted that the stake sale was more due to SoftBank's circumstances.

TOKYO, April 13 (Reuters) - Japanese technology investor SoftBank Group Corp (9984.T) has moved to sell almost all of its remaining shares in Alibaba Group Holding Ltd (9988.HK), , the Financial Times reported, sending the Chinese e-commerce major's stock tumbling. Alibaba, one of the most valuable assets in SoftBank's portfolio, tumbled as much as 5.2% in Hong Kong after the report before paring the loss to 2.8%. SoftBank has been seeking ways to monetise its stake in Alibaba, which the Japanese conglomerate bought into more than two decades ago with just $20 million spending. On Wednesday, the FT said forward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%. The Japanese group, led by billionaire founder Masayoshi Son, has sold about $7.2 billion worth of Alibaba shares this year through prepaid forward contracts, the newspaper said.

With that out of the way, Zhang is cleared to focus on Alibaba's massive corporate overhaul unveiled last month. Current shareholders will be left with a holding company led by Zhang, plus Alibaba's cash-cow Chinese commerce business. After all, Alibaba's U.S. shares are down over 60% in the past two years, while the S&P 500 has stayed largely flat. The sales will eventually reduce SoftBank's stake in Alibaba to 3.8%. In 2022, SoftBank booked a gain of $34 billion by cutting its stake in Alibaba to 14.6% from 23.7%.

☆ Alibaba shares tumble after SoftBank reportedly sells most of its stake
▼ + stars: | 2023-04-12 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Alibaba Cloud, the cloud computing subsidiary of Alibaba, unveiled its ChatGPT-style product Tongyi Qianwen during the 2023 Alibaba Cloud Summit on Tuesday morning. Alibaba shares dropped nearly 3% in after-hours trading after regulatory files revealed that SoftBank has sold a majority of its stake in the company. SoftBank has sold roughly $7.2 billion worth of shares in the Chinese ecommerce giant via prepaid forward contracts, according to an analysis of the corporate filings by The Financial Times, published on Wednesday. Because of the sales, the report noted that SoftBank will now only maintain a 3.8% stake in Alibaba, which has a market cap over nearly $250 billion. It was only about three years ago that SoftBank maintained a nearly 25% stake in the tech giant worth over $100 billion.

☆ SoftBank's Son to sign off on Arm's Nasdaq listing this week -FT
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: 1 min

TOKYO, April 12 (Reuters) - SoftBank Group Corp (9984.T) Chief Executive Masayoshi Son will officially agree with Nasdaq this week to list British chip designer Arm Ltd, the Financial Times said on Tuesday, citing two unnamed people familiar with the situation. A spokesperson at SoftBank, which bought Arm for $32 billion in 2016, declined to comment on Wednesday. Arm, whose technology underpins the global smartphone industry and is used in supercomputers, said in March it would pursue a U.S.-only listing this year, ending speculation about a primary or secondary listing in the UK. In June, Son said that Nasdaq was a favourite exchange for listing Arm, one of the sprawling conglomerate's prize assets. Reporting by Kiyoshi Takenaka; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ SoftBank shares jump on Alibaba split-up plans
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

TOKYO, March 29 (Reuters) - Shares in SoftBank Group Corp (9984.T) soared on Wednesday after Chinese e-commerce conglomerate Alibaba Group (9988.HK), in which the Japanese technology investor has a 13.7 % stake, announced a major restructuring plan. SoftBank shares were up 5.6% in afternoon trade, on track to post the biggest percentage gain in five months. Alibaba shares were up 13.2%. Ichiyoshi Asset Management director Mitsushige Akino said that investors chased SoftBank higher in light of a spike in Alibaba shares, but that it is too early to tell whether the revamp will bring lasting growth to the Chinese company. "I'm not sure if a 5% rise (in SoftBank shares) can be justified.

☆ WeWork reaches deal to convert $1 billion of SoftBank's debt to equity
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - WeWork Inc (WE.N) said on Friday it had reached a deal to convert about $1 billion of key investor SoftBank Group Corp's (9984.T) unsecured notes into equity, in an effort to restructure its finances. Shares of the company rose 2.2% to $1 before the bell. Last month, WeWork forecast weak current-quarter revenue in a sign that its business was feeling the heat of mass layoffs, as companies reduce their real estate footprint. In January, the New York-based company also planned to eliminate about 300 roles across countries after announcing last year that it would exit about 40 underperforming U.S. locations due to high expenses and a strong U.S. dollar. Reporting by Kannaki Deka and Priyamvada C in Bengaluru; Editing by Maju Samuel and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Arm is expected to confidentially submit paperwork for its initial public offering in late April, the sources said, speaking on condition of anonymity because the discussions are confidential. The listing is expected to happen later this year and the exact timing will be determined by market conditions, the sources added. SoftBank has picked four investment banks to lead what is expected to be the most high-profile stock market flotation in recent years. The preparations for the IPO are expected to be kick-started in the U.S. in the coming days, the sources said. The valuation range has not yet been finalized but Cambridge, England-based Arm is hoping to be valued at more than $50 billion during its share sale, the sources said.

☆ SoftBank's Arm rebuffs London by choosing U.S. listing
▼ + stars: | 2023-03-03 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

The company did not completely rule out an eventual London listing, saying it intended to consider a subsequent IPO there in due course, without providing further details. London worked hard to get the listing, with Prime Minister Rishi Sunak and Arm Chief Executive Rene Haas meeting in Downing Street last month, according to reports. The loss follows a decision by Dublin-based building materials giant CRH on Thursday to move its primary listing from London to the United States. Arm has pushed into markets beyond smartphones, such as data center servers, where its low-power designs can cut energy use. It immediately identified New York as its preferred destination, where the company will join the likes of Intel, Qualcomm and Nvidia.

☆ SoftBank's Arm to pursue U.S.-only listing this year
▼ + stars: | 2023-03-03 | by ( ) www.cnbc.com time to read: +1 min

The logo of British semiconductor and software design company Arm is pictured at the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona on March 2, 2023. (Photo by Josep LAGO / AFP) (Photo by JOSEP LAGO/AFP via Getty Images)British chip technology firm Arm, owned by Japanese conglomerate SoftBank , said on Friday it will pursue a U.S.-only listing this year, ending speculation about a primary or a secondary listing in the U.K. Still, the company did not completely rule out an eventual London listing, saying it intended to consider a subsequent IPO there in due course, without providing further details. Arm is the world's biggest supplier of chip design elements used in smartphones, selling intellectual property to companies such as Apple and Qualcomm . "After engagement with the British Government and the Financial Conduct Authority over several months, SoftBank and Arm have determined that pursuing a U.S.-only listing of Arm in 2023 is the best path forward for the company and its stakeholders," Arm Chief Executive Officer Rene Haas said in a statement.

Arm technology powers most global smartphones and the company counts Apple Inc (AAPL.O) and Qualcomm Inc (QCOM.O) as customers. The China business is the exclusive distributor of Arm chip technology in China and develops and sells its own chip designs based on Arm. In 2021, the China business paid Arm about $500 million, the two sources said. “The Arm Ltd IP business part of Arm China is performing very well and we are positioned for continued growth going forward. SoftBank and Arm China did not respond to requests for comment.

Arm technology powers most global smartphones and the company counts Apple Inc (AAPL.O) and Qualcomm Inc (QCOM.O) as customers. The China business is the exclusive distributor of Arm chip technology in China and develops and sells its own chip designs based on Arm. “The Arm Ltd IP business part of Arm China is performing very well and we are positioned for continued growth going forward. SoftBank and Arm China did not respond to requests for comment. Wu is credited with expanding the China business, according to two sources familiar with the company.

The layoffs come as SoftBank tries to set up a public listing for Arm this year. Before the layoffs, Arm China had about 700 employees; there were no layoffs last year when parent Arm Ltd had global layoffs affecting up to 15% of its workforce, according to one of the sources. Arm China declined to comment. Arm China is the exclusive distributor of Arm licenses in China. One of the sources said some customers are concerned about Arm potentially changing how it charges royalties, as well as U.S.-China geopolitical tensions that could cut off access to Arm technology.

☆ SoftBank tumbles to loss as Vision Fund in red for fourth straight quarter
▼ + stars: | 2023-02-07 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +4 min

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 posts loss as Vision Fund in the red for fourth straight quarter
▼ + stars: | 2023-02-07 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +2 min

TOKYO, Feb 7 (Reuters) - SoftBank Group Corp (9984.T) on Tuesday booked a net loss for October-December, as its giant Vision Fund investment unit remained in the red for a fourth straight quarter while a global tech sell-off battered valuations of its portfolio companies. 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 latest 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. The bulk of the loss at the Vision Fund unit came from a steep decline in the valuation of investments in unlisted companies.

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