SoftBank shares tank near 19% wiping off $4.6 billion from Son’s fortune

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SoftBank shares tank near 19% wiping off $4.6 billion from Son’s fortune

Masayoshi Son, CEO of SoftBank, speaks during the company’s annual general meeting in Tokyo on June 20, 2024.

Kosuke Okahara | Bloomberg | Getty Images

SoftBank Group shares tanked nearly 19% on Monday amid a global sell-off, wiping off billions of dollars from founder Masayoshi Son’s fortune.

Shars of the ********* giant, known as one of the world’s largest tech investors through its massive Vision Fund, have slid since last Thursday, as ********* equities began to fall after the Bank of Japan raised its benchmark interest rate.

On Monday, Son’s net worth fell by $4.6 billion alone, according to the Forbes real-time billionaires list.

The Nikkei 225 meanwhile posted a 12.4% loss which marked the worst day for the index since the “****** Monday” of 1987.

Before the declines of the past few days, SoftBank’s stock had rallied this year and even hit a new record high, as the company’s Vision Fund division continued its recovery. A big jump in the share price of Arm, the British chip designer which is roughly 90% owned by SoftBank, has also contributed to the ********* company’s stock appreciation this year.

But Monday’s price plunge leaves SoftBank’s shares just 1.7% higher for the year. Around $28.3 billion has been wiped of SoftBank’s value since the close of trade on Wednesday, according to CNBC calculations.

SoftBank will report its fiscal first-quarter earnings this Wednesday, with investors hoping to see further recovery in the Vision Fund.

Son, who has been out of the public spotlight for a while, made a reappearance in June to discuss his vision for the future of artificial intelligence, which he predicts will eventually be 10,000 times smarter than humans.

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