Vision Fund Led by Chairman Son Jeong-ui Also Cuts 10% of Staff

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] The 'Vision Fund,' led by SoftBank Group Chairman Masayoshi Son, is conducting layoffs affecting 10% of its employees.

On the 28th, Bloomberg reported that venture companies invested in by the Vision Fund have suffered significant losses due to the COVID-19 pandemic, leading to the layoffs. The Vision Fund, headquartered in London, UK, with offices in Tokyo, Japan, and California, USA, employs approximately 500 people in total.

The Vision Fund declined to comment on the matter.

SoftBank recorded a loss of 1.4381 trillion yen (approximately 16.5 trillion KRW) in the first quarter of this year. This was a result of large-scale losses incurred by startups such as WeWork and Uber, which the Vision Fund had invested in, due to COVID-19.

SoftBank raised 1.25 trillion yen by selling its stake in Alibaba. It is also negotiating the sale of its stake in T-Mobile, the third-largest telecommunications company in the United States.

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