SoftBank came close to breaking one of its own records when it reported earnings on Monday, but not the good kind. The Vision Fund, which is SoftBank’s technology investment vehicle, reported a $21.68b loss, the second highest on record for the fund.
The losses are the result of a broader rout from technology stocks that has been driven and exacerbated by rising interest rates. Many of the Vision Fund’s positions in companies like South Korea’s Coupang and DoorDash (DASH, $75.29) are down sharply this year.
Another big announcement from the earnings report was SoftBank’s decision to sell its remaining stake in Uber (UBER, $31.90). SoftBank first invested in Uber back in 2018 and again in 2019 to become the ride-hailing platform’s largest shareholder.
SoftBank said that it sold its remaining shares in Uber for an average price of $41.47, realizing a nice profit given its average cost per share of $34.50.