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.
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.
“Rather than aiming for the home run … (we) try to aim for the first base or second base hit,” Son said back in August.
Around 150 of the Vision Fund’s 500 employees will be impacted by the layoffs.