Softbank said it expects a special loss on the value of its shares of subsidiaries and associates of almost 498 billion yen for its nonconsolidated financial statement for the fiscal year ending March 2020. "I greatly regret my bad investment judgment".
The company's release showed that for the quarter ending on September 30, 2019, the loss of vision fund was ¥970.3 Bn.
In a bit of good news for Softbank, it said it had won USA regulatory approval from the Federal Communications Commission for US carrier Sprint's merger with T Mobile.
Ultimately, SoftBank has poured more than $70bn into 88 companies, steadily growing its portfolio since 2008.
SoftBank has sunk almost $20 billion into WeWork, including a $9.5 billion rescue package handed to it in October, giving the firm an 80-percent hold on the startup.
SoftBank has invested a total of $10.3 billion in WeWork, comprising $6 billion from a wholly owned subsidiary and $4.3 billion from its Vision Fund.
But the investment giant's other investments have failed to deliver the returns needed to keep it profitable, with some such as WeWork needing further bailouts instead.
SoftBank is on the hook for a $9.5B bailout to protect its $9B WeWork investment.
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The workspace start-up has gone from an investor darling to cancelling its IPO and seeing its Israeli-American co-founder Adam Neumann pushed out, albeit with a reported package of more than $1.5 billion. Bloomberg reported analysts predicted red ink for the firm in the tune of $5 billion to $7 billion, mostly due to the steep drop in WeWork's valuation. SoftBank will also offer to buy as much as $3 billion from existing shareholders.
Much of this has been down to a series of issues with one of its big investments, WeWork, following a profile by the Wall Street Journal on Adam Neumann, the former WeWork CEO.
Bloomberg reported Wednesday that the start-up was considering giving up office floors in at least six Hong Kong locations.
WeWork is considering surrendering a portion of a recently signed lease in Wan Chai, near Hong Kong's central business district, people familiar with the matter said. The Japanese firm then made a decision to pump $9.5bn into WeWork last month as part of a rescue package that saw it take an 80pc stake in the company.
The potential retreat comes after WeWork said just last week it plans to expand its footprint in Hong Kong and open four new locations this quarter.
"New executive leadership is evaluating our operations and assets across all geographies, including Hong Kong", a spokesperson for WeWork said in an email.
"We are fully committed to improving the business and ensuring our long-term viability to the benefit of our landlords, members, and employees", the spokesperson said.