SoftBank Vision Fund Planning Writedown of Over $5 Billion
- SoftBank’s shares slide as much as 2.7% in Tokyo trading
- Uber and WeWork among the Japanese firm’s worst bets to date
SoftBank is planning to take a writedown to its Vision Fund of at least $5 billion to reflect a plunge in the value of some of its biggest holdings, including WeWork and Uber Technologies Inc., according to people with knowledge of the matter.
The Tokyo-based parent of the $100 billion Vision Fund, which began investing in 2017, is poised to unveil the writedown when SoftBank announces second-quarter earnings on Nov. 6, said the people, who requested anonymity because the matter is private. The writedown is being driven by the Vision Fund’s holdings in ride-hailing giant Uber and WeWork parent We Co., the beleaguered co-working company that SoftBank agreed this week to rescue, they said. SoftBank’s shares slid 2.7% to their lowest since January, putting the stock on track for a fourth straight day of losses.