The Tokyo-based conglomerate’s quarterly earnings were weighed down by the poor performance of its Vision Fund, and in particular, its bet on the beleaguered work-share startup WeWork, which resulted in a US$4.6-billion writedown. The Vision Fund booked a US$8.9-billion loss overall. (Wall Street Journal, Financial Times)

Talking point: “My own investment judgment was really bad. I regret it in many ways,” said founder and CEO Masayoshi Son at a Wednesday press conference in Tokyo. However, he said, “there is no change to my strategy or vision.” Part of that bad judgment: turning “a blind eye” to many of WeWork co-founder Adam Neumann’s “negative aspects.” Questions about Neumann’s management of the company are in large part responsible for the plan Son announced Wednesday to improve governance and oversight of the companies in which he invests. It may prove too little, too late for those casting a skeptical eye over SoftBank’s new US$108-billion Vision Fund 2, however. Investors have so far been reluctant to commit to the new venture, though Son insisted it will “launch on schedule.”