SoftBank
Softbank is a Japanese Multinational Conglomerate holding company. The company’s headquarters are in Tokyo.
Masayoshi Son is the Ceo of SoftBank. Precisely, it’s the official homepage for getting all the information about Smartphones, Tablets, Internet services, Clean Energy, Robot, Business.
SoftBank Updates
Disclosed on Monday, Softbank expects a $16.7 billion loss in its Vision Fund for the past year of the firms with huge growth like WeWork and Uber.
WeWork
Initially, last year, SoftBank valued WeWork with an initial public offering at $47 billion. But, now witnessing the collapse of WeWork, SoftBank having a tough time! Resultantly, the deal is now dropped down for just $8 billion. Moreover, WeWork is now in more losses due to the coronavirus pandemic outbreak. Also, SoftBank canceled $3 billion tenders further to WeWork, hence, both the companies are in Legal Trouble.
Uber
SoftBank decreased the Vision Fund’s multi-billion-dollar stake down by almost 20%. Moreover, Didi Chuxing who is Uber‘s Chineeses counterpart is also facing tough times. The reason being, Uber’s last year’s IPO went very badly and also, the pandemic is also responsible for the loss.
Other Companies
India’s famous hotel chain “OYO” is also in deep losses.
Other than that, Rappi, the Latin American food delivery app is also facing the consequences of the pandemic in the form of great loss.
Also, Zume which is the famous robot company parking pizza and Gympass, the Brazillian gym network are losing funds and facing a downfall.
SoftBank Recent News
A forecast, released on Monday, tells that the bank expects an operating loss of $12 billion and a net loss of $7 billion.
Moreover, as of February,it was trying to start a second effort. But, a $108 billion funds are collapsing.
The numbers may change but nothing positive is expected. Everyone is waiting for the recovery from this painful pandemic, trying their best ways to end this fast. But, till now also, the pandemic has resulted in a terrible and stressful market situation.
So, not just the lives of people, but this pandemic have proved to be a curse to the economy, hence, getting worse day by day. Just pray for this pandemic to end soon so that everything could be worked out properly and get back to normal!
