SoftBank CEO pays price for tech bets with $20 billion loss at Vision Fund

Masayoshi Son is paying a steep price for his outsized wagers on money-losing technology companies. 

Son’s SoftBank Group Corp. reported a record annual loss at its Vision Fund unit as a selloff in tech shares pummeled the value of its portfolio companies, including public holdings like Coupang Inc., Uber Technologies Inc. and Didi Global Inc. The Vision Fund swung to a loss of 2.64 trillion yen ($20.5 billion) for the year ended Mar. 31, compared with a 4.03 trillion yen profit in the previous year. 

The world’s largest tech fund has been grappling with pandemic-driven writedowns and a market rout