Is more trouble waiting for SoftBank in this year?
By MYBRANDBOOK
It has reportedly been found out that Jack Ma who was a crucial board member of the SoftBank Group is about to step down from his position. Though Jack Ma has cited his increasing focus on philanthropic causes for his resignation, SoftBank Group moving forward without him will surely have to deal with a lot more turbulence now.
Jack Ma’s departure closely follows the resignation of Masayoshi Son’s another very trusted confidant Tadashi Yanai, founder and CEO of Uniqlo. He resigned from the SoftBank board after 18 years late last year to focus on his fashion business.
SoftBank began with a real rocky start this year wherein they first got sued by WeWork, the US office-sharing giant, for the breach of contract by backing out of a $3 billion rescue plan.
The company in the previous month of April, reported that they are going to be facing humongous losses for the financial year ended March 2020 which is also known as fiscal 2019. SoftBank Group is all set to incur a loss of $12.5 billion along with their Vision Fund incurring an even bigger loss of $16.5 billion. Masayoshi Son who is the CEO of the company, in a statement, said that this is the company’s first annual loss in 15 years.
It should also be noted that the sudden outbreak of the coronavirus pandemic which became the cause of the global economic downturn also contributed very heavily to SoftBank’s misfortunes. SoftBank invested close to $1.5 billion, last month had to furlough many of their employees both in India as well as in foreign countries to survive the virus. Japan, which is SoftBank’s home country, also fell into recession because of the pandemic.
The future of Vision Fund 2 is very bleak as well. Investors, who participated in the Vision Funds, are reportedly not at all pleased with how the first Vision Fund portfolio companies have been performing. In fact just to portray a viable and optimistic picture of the first Vision Fund, SoftBank Group had to infuse its own $2.5 billion worth of funds into new investments since October 2019.
Masayoshi Son mentioned that a second $4.7 billion tranche of share purchases, which is part of the March announced $41 billion buyback programme, has been approved by the board. Along with this, at the end of April, the company has also bought back more than 250 billion yen of its shares.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
HAVELLS INDIA LTD.
VEHERE INTERACTIVE PVT. LTD.
PRAMA HIKVISION INDIA PRIVATE LIMITED
MATRIX COMSEC PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : B.V.R. Subrahmanyam
A 1987 batch (Chhattisgarh cadre) Indian Administrative Service Office...
ICONS OF INDIA : S KRISHNAN
S Krishnan as the secretary for the electronics and information techno...
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
PARTNER SPEAKERS
PSU
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
