The Tokyo-based technology conglomerate will reduce its stake in the Chinese e-commerce giant from 23.7 per cent as of June 30 to 14.6 per cent as part of a settlement of financial contracts. (Bloomberg)
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The Tokyo-based technology conglomerate will reduce its stake in the Chinese e-commerce giant from 23.7 per cent as of June 30 to 14.6 per cent as part of a settlement of financial contracts. (Bloomberg)
Talking point: SoftBank’s Alibaba stake started when it led a US$20-billion fundraising round in the company in 2000. The investment became one of the most lucrative in SoftBank’s portfolio of high venture capital deals. Investors have long pushed SoftBank to sell off some of those shares to boost cash. This year, it has sold about a third of his Alibaba stake through prepaid forward contracts. The current sale follows record losses for SoftBank. On Monday, it reported losing US$23.5 billion in its last quarter, after a nearly US$16.5-billion loss over the three months prior. CEO Masayoshi Son admitted bad investment decisions brought down the company’s performance and said he would make “dramatic” cost cuts as a result.
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