SoftBank plans at least 30% staff cuts to Vision Fund, source confirms
Published Thu, Sep 29 20229:12 AM EDT
Updated 4 Hours Ago
Deirdre Bosa @dee_bosa
Lauren Feiner @lauren_feiner
CNBC.com
Key Points
- SoftBank is planning to cut at least 30% of staff at its ambitious investment arm, the Vision Fund, a source confirmed to CNBC's Deirdre Bosa.
- At least 150 out of 500 Vision Fund workers will be impacted by the cuts, according to Bloomberg, which first reported the news Thursday.
- SoftBank founder Masayoshi Son had foreshadowed cost-cutting this summer after the company posted a $21.6 billion quarterly loss for the Vision Fund.
SoftBank is planning to cut at least 30% of staff at its ambitious investment arm, the Vision Fund, a source confirmed to CNBC.
At least 150 out of 500 Vision Fund workers will be impacted by the cuts, according to Bloomberg, which first reported the news Thursday.
SoftBank founder Masayoshi Son had foreshadowed cost-cutting and a more conservative investment approach this summer after the company posted a $21.6 billion quarterly loss for the Vision Fund.
Though the fund was created to take big swings, as it did with companies like Uber and WeWork, Son said last month that he's had to learn to become "more systematic" about investments and less swayed by emotions toward specific companies.
"Rather than aiming for the home run ... (we) try to aim for the first base or second base hit," Son said in August.
Still, he said at the time, Vision Fund head count may need to be "reduced dramatically" with "cost reduction" needed across units.
SoftBank declined to comment.
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