Japanese tech investor SoftBank hit by huge quarterly loss www.theguardian.com

SoftBank Group, the Japanese tech investor, has slumped to a huge quarterly loss after the valuations of US companies WeWork and Uber plunged.
SoftBank’s first quarterly loss in 14 years comes after a dreadful quarter for the tech companies backed by Son’s venture capital funds, the $100bn (£77bn) Vision Fund and the smaller Delta Fund.
SoftBank’s operating loss was because of the “decrease in the fair values of investments including Uber and WeWork and its three affiliates” held by SoftBank’s Vision Fund and Delta Fund, it said.
The two funds together made a quarterly loss of 970bn yen.
The difficult quarter could complicate Son’s efforts to raise a second Vision fund if investors question his high-risk strategy of making significant bets on high-spending, young companies.