Reports have emerged that SoftBank will be laying off 30% of its Vision Fund team.
This news comes on the heels of rumors that the company would launch a third Vision Fund. While this plan is only in the discussion phase, these job cuts do not bode well for the new fund’s future.
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Masayoshi Son, founder of SoftBank, had suggested that the company would need to take cost-cutting measures after the Vision Fund posted a $21.6 billion quarterly loss over the summer due to disappointing tech stocks.
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“Rather than aiming for the home run … (we) try to aim for the first base or second base hit,” Son said back in August.
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Around 150 of the Vision Fund’s 500 employees will be impacted by the layoffs.
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Source:
CNBC
