SoftBank said it lost about $5.5 billion in its signature Vision Funds in the October-December period alone, “due to declines in the stock prices of a broad range of portfolio companies.”
According to the company, the fair value of its current late-stage portfolio is now more than $37 billion.
During its earnings call with analysts, SoftBank said it is in “defense mode.”
For the first time in decades, Masayoshi Son, founder and CEO of SoftBank Group, skipped the analyst call.
The valuation for investments in Vision Fund II fell by 6.2 percent.
SoftBank said it is taking a “cautious approach” when investing in the blockchain and crypto sector.
Beset by heavy losses, SoftBank announced in September last year that it would lay off at least 30 percent of its employees at the loss-making Vision Fund.
In August, SoftBank
Investment bank Jefferies had predicted that SoftBank would need “$40-45 billion in cash this year” to survive.
Son had warned unicorns and startups to prepare for a harsh and extended funding winter.
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