Investment giant SoftBank to cut startup funding as losses cross $13B
SoftBank is expected to reduce startup funding by more than half in 2022. Japanese investment giant suffered a massive net loss of $13.14 billion in the last financial year. SoftBank posted a massive financial loss of 1.708 trillion yen ($13.14 billion) for the fiscal year ending March 31, warning it would be forced to decrease startup funding by more than half this year. According to Nikkei Asia, the Japanese investment behemoth also disclosed its largest-ever quarterly net loss, 2.1 trillion yen ($16.2 billion), during the January-March quarter. SoftBank also disclosed a record $27 billion loss for the year to its Vision Funds, owing to large losses in investments in digital businesses such as Coupang and Didi Global. SoftBank spent $2.5 billion in the January-March quarter, compared to $10.4 billion in the preceding quarter. The investment giant put more than $46 billion of its money in startups in the previous fiscal year. SoftBank CEO Masayoshi Son stated th...