SoftBank Group Corporation’s Vision Fund is planning to sack about 15% of its staff, increasing the earlier said estimate of 10% in the last month. The decision is followed by record losses faced by the funds for the last fiscal year.
The number of planned layoffs expanded to about 80 out of 500 recently.
Masayoshi Son, CEO of SoftBank, had last month reported that the operating loss for the company to be as high as $ 13 billion with Vision fund carrying $18 billion losses as the valuations of companies such as Uber and WeWork in the fund took a hit due to the global outbreak and subsequent preventive restrictions.
Son has earlier stated that he would be raising a Vision Fund every two or three years but after the huge losses reported for the previous fiscal year it makes it unlikely that he would be able to attract investments for it now.