The Japanese conglomerate that runs the Vision Fund, the world’s largest tech VC, sacked three top executives from its board—Misra, chief operating officer Marcelo Claure and chief strategy officer Katsunori Sago—in a massive corporate-governance restructuring. The investment group also announced that Yasir al-Rumayyan, a representative of Saudi Arabia’s Public Investment Fund, would leave the board. The company reported a profit of US$7.6 billion for its Vision Fund business for the quarter ended September 30. (Financial Times, Bloomberg)
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The Japanese conglomerate that runs the Vision Fund, the world’s largest tech VC, sacked three top executives from its board—Misra, chief operating officer Marcelo Claure and chief strategy officer Katsunori Sago—in a massive corporate-governance restructuring. The investment group also announced that Yasir al-Rumayyan, a representative of Saudi Arabia’s Public Investment Fund, would leave the board. The company reported a profit of US$7.6 billion for its Vision Fund business for the quarter ended September 30. (Financial Times, Bloomberg)
Talking point: SoftBank’s board shakeup comes in the aftermath of the WeWork scandal, where the Vision Fund lost billions of dollars from its investment in the firm. This quarter’s highest-ever profit for the Vision Fund is taking place thanks to a pandemic-related investor rush toward tech stocks, which have boosted the value of many of the fund’s portfolio firms, like Uber. In particular, SoftBank gained heavily from a Vision Fund 2 investment in a Chinese startup called KE Holdings, which runs Beike Zhaofang, an online property platform. SoftBank made US$5.1 billion on the investment last quarter.
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