SoftBank Group Corp founder Masayoshi Son's dream of a global tech empire is unravelling, with the coronavirus crisis compounding losses at his US$100 billion Vision Fund and distress at his big bets portending more pain.
"The Vision Fund has been a mess. It has been a case of an organisation with too much money just splashing it around without doing enough due diligence," said Joe Bauernfreund, chief executive of SoftBank shareholder Asset Value Investors. Among SoftBank-backed startups, at least six that have pushed back IPO plans to 2021, including BigCommerce, which powers e-commerce sites for the likes of Toyota Motor Corp and Sony Corp, said the three people, who were not authorised to speak with media so declined to be identified.
Orders have surged at South Korean e-commerce firm Coupang, and shares of China's Ping An Good Doctor - formally Ping An Healthcare and Technology Co Ltd - have doubled in price year-to-date on demand for online consultation.
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