Grab Investor Softbank Vision Fund Reports Record Losses Due to Decline in GoTo’s Share Price | CNBC Indonesia

Jakarta, CNBC Indonesia – Grab investor Softbank Vision Fund claims that it has suffered losses of up to 4.3 trillion yen (Rp 473 trillion). He said that one of the reasons was the sharp decline in GoTo’s share price.

The loss occurred throughout the tax year ending March 31, 2023. The sharp decline in share prices of GoTo and AI company from China Sense Time reportedly made the Vision Fund record big losses.

To note, Softbank’s shares in GoTo come from funding from Tokopedia. In the end it was transferred to ownership of GoTo, after Tokopedia merged with Gojek some time ago.

Instead, the Vision Fund managed to pocket profits from the sale of shares of the tech giant. This sale was made for Softbank to be able to raise cash.

Some of the companies whose shares were sold were T-Mobile and Alibaba. The same thing will be done with ride-hailing giant Uber in August 2022.

Vision Fund losses were also reported to have swelled from the previous year. According to reports in the previous period, losses at that time amounted to 2.55 trillion yen.

The company’s poor record made it lose 5.28 trillion yen in the same period. This figure jumped from the same period earlier, namely 3.43 trillion yen.

Launching CNBC International, Yoshimitsu Goto as Softbank’s CFO believes that the company shares owned by Softbank have sufficient capital. He also added that his party has a number of companies ready to be listed on the stock exchange with a total of US$37 billion.

Vision Fund was founded by Masayoshi Son in 2017. At that time it was projected to invest in companies that were predicted to grow rapidly.

But the opposite happened. Due to stock market anxiety due to high interest rates, investors eventually leave shares of high-risk companies, including technology companies.

(mkh/mkh)