Masayoshi Son has scaled back his ambitions for a second Vision Fund

SoftBank’s founder Masayoshi Son has scaled back his ambitions for a second Vision Fund following the group’s disastrous WeWork bet and an attack from the world’s most feared activist investor. The billionaire made the admission yesterday after SoftBank revealed that a series of wagers by its first Vision Fund had sent the Japanese group’s third-quarter operating profits tumbling 99 per cent… The comments were Mr Son’s first since it emerged that activist fund Elliott Management had amassed a $2.5 billion stake in SoftBank and called for the Japanese technology conglomerate to buy back billions in shares, provide more transparency on the Vision Fund’s investments and overhaul its governance. Addressing the demands from Elliott, which is run by billionaire Paul Singer, Mr Son said that his own interests were “basically aligned” with other shareholders given he had a 25 per cent stake in SoftBank. The Japanese group also announced new governance standards for the companies that the Vision Fund invests in, including on the make-up of their boards and the rights of founders… SoftBank and Elliott have proclaimed a desire to keep the engagement friendly…

Kana Inagaki 

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