10.1 C
New Delhi
Sunday, December 15, 2024
HomeTechSoftBank plans to sell some or all of its 9% stake in...

SoftBank plans to sell some or all of its 9% stake in SoFi


Japanese conglomerate SoftBank Group Corp plans to sell its stake in digital personal finance company SoFi Technologies Inc, according to a filing late on Monday.


SoFi shares fell 3% in extended trading.

On Monday, SoftBank sold 6.7 million shares in SoFi at a weighted average price of $8.17 per share, three days after it sold 5.4 million shares at a price of $7.99.

SoftBank also posted a record $23.1 billion loss in the April-June quarter on Monday and said it plans to cut headcount at its flagship Vision Fund investing arm.

To raise cash, SoftBank has exited companies including Uber Technologies and home-selling platform Opendoor Technologies, for a total gain of $5.6 billion.

SoftBank’s chief executive officer Masayoshi Son has suffered a series of high-profile reversals after big bets by the first Vision Fund in late-stage startups such as office sharing company WeWork Inc soured, prompting him to tighten investment controls with the second fund.

Discover the stories of your interest

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.



Source link

- Advertisment -

YOU MAY ALSO LIKE..

Our Archieves