In another disappointing blow, SoftBank has revealed it lost $23 billion during the second quarter of the year — its biggest net loss yet.
The firm’s Vision Fund reported a $26 billion loss last May when the economy began teetering on the brink of a recession, leading it to a $23.1 billion loss in valuation.
Since reporting its eroding gains, the Japanese conglomerate has been shedding investments made into low-performing tech stocks in order to offset losses.
SoftBank has been exiting major investments into once promising companies, such as ride-sharing company Uber and home-selling platform Opendoor, allowing it to gain $5.6 billion.
Although CEO Masayoshi Son is committing to slashing costs and limiting its investment criteria to soften the blow of its losses, he also warned that staff cuts could be coming for the Vision Fund.
“The world is in great confusion,” said Son after acknowledging that the firm invested into more startups than necessary.
