SoftBank prepares a minimum of 30% personnel cuts to Vision Fund, source verifies

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SoftBank's Masa Son says company is going into 'defense mode' amid tech rout

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SoftBank is preparing to cut a minimum of 30% of personnel at its enthusiastic financial investment arm, the Vision Fund, a source validated to CNBC.

At least 150 out of 500 Vision Fund employees will be affected by the cuts, according to Bloomberg, which initially reported the news Thursday.

SoftBank creator Masayoshi Son had actually foreshadowed cost-cutting and a more conservative financial investment technique this summertime after the business published a $216 billion quarterly loss for the Vision Fund.

Though the fund was developed to take huge swings, as it made with business like Uber and WeWork, Son stated last month that he’s needed to discover to end up being “more systematic” about financial investments and less swayed by feelings towards particular business.

“Rather than aiming for the home run … (we) try to aim for the first base or second base hit,” Son stated in August.

Still, he stated at the time, Vision Fund head count might require to be “reduced dramatically” with “cost reduction” required throughout systems.

SoftBank decreased to comment.

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ENJOY: SoftBank’s Masa Son states business is entering into ‘defense mode’ in the middle of tech thrashing