After difficult two years of financial constraints and turmoil, some companies and corporations are still feeling the pain and loss.
The Japanese SoftBank plans to cut its investments this fiscal year 2023 by more than half that’s according to the company’s chief executive officer Masayoshi Son.
This comes after the bank reported a record loss of $20.5 billion at its Vision Fund unit for the year ending March 31.
During the earnings call, Son said, “It depends on our LTV levels and investment opportunities, and we strike balance, but I will say compared to last year, the number of new investments will be half or could be as small as a quarter.”
SoftBank is not the only investment firm that went through a financial loss. The bank joins a long list of companies such as Tiger Global, Coatue and Dragoneer that slowed down the pace and vigour of their investments.
“When it rains, you open an umbrella,” adds Son.