FinTech Crisis: SoftBank Vision Fund Records $32B Loss Due To Startups’ Valuation Reduction
SoftBank Vision Fund, the prominent global investor in tech startups, reported a significant loss of $32 billion for the financial year ending in March. This represents a 70% increase in losses compared to the previous year. The losses are due to valuation corrections across SoftBank's portfolio of tech companies, influenced by a weakening global economy. The fair value of its portfolio was marked down over the quarter by $2.3 billion to $138 billion.