SoftBank Group Corp (9984.T) fell into the red in the second quarter for the first time in 14 years, with its gigantic Vision Fund suffering a 970 billion yen ($8.9billion) loss on plunging valuations of WeWork and Uber Inc (UBER.N).
Last month, SoftBank was forced to spend more than $10 billion to bail out WeWork after the U.S. company's IPO attempt flopped, and it said on Wednesday the fair value of its investment in the office-sharing startup decreased by $3.4 billion in the second quarter.
At a post-earnings briefing, Chief Executive Masayoshi Son said his judgement in dealing with WeWork had been poor in many ways, a remarkable admission for an executive well known for his ebullience.
Here are some of Son's comments, translated from Japanese:
On WeWork founder Adam Neumann:
On Vision Fund 2:
On IPO pipeline: