• SoftBank shares have dropped almost 50% from their peak
fund Elliott Management has sold almost all its remaining shares in the
Japanese investment giant SoftBank Group Corp after investing as much
familiar with the matter.
Elliott
started cutting back its stake earlier this year when tech stocks,
including SoftBank’s, were in the grip of an extended sell-off.
SoftBank’s
portfolio has been hit by a collapse in tech valuations as investors
became skeptical of the high-growth stocks it favors amid the recession
of the Japanese group exceeded dot-com bubble highs in March 2021 but
have lost almost half their value as its portfolio slid. SoftBank’s
exact size and timing of the recent sell-off were unknown, but it took
place earlier this year as SoftBank was affected by the tech downturn,
the report said, citing one of the sources.
Moreover,
the news comes as investors increasingly lose confidence in SoftBank’s
Chief Executive Masayoshi Son and his ability to close the valuation gap
