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Japanese multinational SoftBank has said it will lay off about 150 employees at its Vision Fund unit and SoftBank Group International.
SoftBank CEO Masayoshi Son has faced major losses in some of his technology challenges. Earlier in August, SoftBank’s Vision Fund unit posted a $50 billion loss through June. He also said that the bank had to lay off its employees due to political reasons and continuous decline in bank interest rates.
Masayoshi Son has said that SoftBank’s second Vision Fund will primarily manage its existing portfolio as the Vision Fund has seriously scaled back its investment activity.