Major Fintech and Blockchain Backer SoftBank Expected to Lose $12.5 Billion

SoftBank Group Corp (SFTBY), the parent company of Fortress Investment Group is expected to lose $12.5 billion for the fiscal year that ended in March, per an April 13 report from Bloomberg.

WeWork — $24 billion loss

It seems that Vision Fund is the main culprit of the anticipated loss. SoftBank Group announced that it would lose $24 billion, driven by its ill-fated investment in WeWork.

On the bright side, the company has a stake in Slack (WORK), which is doing well because of the shift to remote work amid COVID-19.

Mistimed Bitcoin Investment

Son, CEO and founder of SoftBank Group, is a Korean-Japanese entrepreneur and the second-richest man in Japan, known for an early $20-million investment in the Chinese giant Alibaba. He has built a multi-billion dollar conglomerate that includes SoftBank Corp, Vision Fund and Fortress Investment Group.

Reportedly, Son lost $130 million in a mistimed Bitcoin (BTC) investment. Apparently, Son acquired Bitcoins in 2017 at a time when Bitcoin was hovering around its all-time record highs.

Billionaire and Bitcoin supporter Mike Novogratz ran Fortress Investment Group for over a decade. The company has been trying to purchase Bitcoin claims from Mt. Gox creditors. It is not clear whether the financial loss of its parent company will affect Fortress Investment Group.

Bitcoin, Crypto, fortress investment group, SoftBank, WeWork

Bitcoin, Crypto, fortress investment group, SoftBank, WeWork

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