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SoftBank sees $12.5 bn loss as startup bets like WeWork, OneWeb backfire

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SoftBank chief had bet heavily on sharing-economy startups but those investments have been particularly hard hit as the coronavirus pandemic curbs unnecessary human interaction SoftBank Group Corp.

forecast a 1.35 trillion yen ($12.5 billion) operating loss for the fiscal year ended in March, a sign of how badly Masayoshi Son’s bets on technology startups have been battered in recent months.

The Japanese company expects to record a 1.8 trillion yen loss from its Vision Fund and another 800 billion yen in losses from SoftBank’s own investments.

It has written down the value of investments in companies, including office-sharing startup WeWork and satellite operator OneWeb, which filed for bankruptcy last month.

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