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Aug 10, 2022 04:05 PM
BUSINESS

SoftBank Accelerates Asset Sales in Race for Cash

SoftBank Chairman and CEO Masayoshi Son has signaled a willingness to sell assets at a discount as his company attempts to survive a protracted
SoftBank Chairman and CEO Masayoshi Son has signaled a willingness to sell assets at a discount as his company attempts to survive a protracted "tech winter." Photo: VCG

(Nikkei Asia) — SoftBank Group accelerated its pace of asset sales last quarter, highlighting its urgent need to raise cash as it strives to outlast a prolonged “tech winter.”

SoftBank’s near-$100 billion Vision Fund by early August had sold its entire $7.7 billion stake in U.S. ride-hailing company Uber Technologies, according to a company presentation. Also, the second $56 billion Vision Fund by the end of June had sold its entire $1.35 billion stake in Chinese property company Ke Holdings.

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