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SoftBank Group Shares Plunge Most Since Going Public in 1998
Stock rout erases $15 billion of SoftBank’s market value
Turmoil comes as Masayoshi Son prepares big AI investment push
A stock rout in Japan wiped out $15 billion of SoftBank Group Corp.’s value
on Monday, after the company’s biggest single-day fall since founder Masayoshi
Son took the company public in 1998.
The technology giant’s stock fell 19%, extending its decline for the September
quarter so far to 38%, in line to be the biggest such drop since 2001. The plunge
comes as Son prepares an investment blitz in AI and semiconductor technologies.
The global market rout also threatens to hurt SoftBank’s Vision Fund unit, which
holds investments in hundreds of technology startups.
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https://www.bloomberg.com/news/articles/2024-08-05/softbank-group-shares-plunge-most-since-going-public-in-1998
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