SAN FRANCISCO : SoftBank Group Corp is planning a fresh round of layoffs at its Vision Fund investment arm, two people familiar with the matter said, the latest cost-cutting move at the Japanese conglomerate.
The sources declined to be identified as the information was confidential. SoftBank declined to comment. SoftBank, an aggressive investor in tech companies such as fintech giant Klarna and TikTok owner ByteDance, has seen the valuation of its portfolio drop amid sharp interest rate hikes and rising U.S.-China tensions.
Vision Fund 2's portfolio was worth $31 billion at end-March compared with an acquisition cost of $49.9 billion.
Source: News Formal (newsformal.com)
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