SoftBank Vision Fund Employees Depict a Culture of Recklessness

Every six weeks or so, the SoftBank Vision Fund, the biggest source of investment money flowing to Silicon Valley, convenes a multihour video conference call for 75 people on three continents to catch up on its startups. Masayoshi Son, the Japanese billionaire and founder of the fund’s parent company, SoftBank Group Corp., usually dials in from Tokyo. Masa, as Son is universally known, can be charming and effusively complimentary on the calls, according to three regular participants. Or he can be enraged, berating presenters and demanding a perpetually shifting yet unfailingly detailed set of metrics. Or he can be both. No one ever quite knows where he’ll land on the charm-rage axis.

On one call in 2018, the three participants say, a Vision Fund managing partner named Kentaro Matsui was presenting charts showing steady but slow progress from the Chinese shipping startup Full Truck Alliance. Son flipped into rage mode, criticizing Matsui for being too conservative and demanding that he accelerate projections for revenue and valuation growth. “You’re too much like a banker!” he snapped at Matsui, who’s in fact a former banker. Others on the call cringed. It seemed as if Son was demanding that Matsui should find a way to supercharge the startup’s trajectory—a potentially dangerous push. “If you don’t change, I’ll find a way to change your role!” Son said.