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After SoftBank’s Vision Fund reported a record-high loss of $27.4 billion during the first quarter of 2022, CEO Masayoshi Son is now seeking to cut its startup investments by over half.
Just one year ago, the Japanese conglomerate reported a record-high quarterly profit.
However, during an earnings call this week, Son said the firm’s investments could “be half or…as small as a quarter” in order to achieve more financial balance.
SoftBank isn’t alone in its plans to hit the brakes on investments — other investment firms such as Coatue and Tiger Global have also slowed down their investments and capital into startups for this year.
In SoftBank’s case, operating more cautiously will help improve its financial standings according to Son. For instance, the firm planned to invest up to $5 billion into India this year, but injected just $2.5 billion during the first quarter.
