ET had reported on July 7 that Misra will step down from his executive role at the technology fund, as per a communication sent by SoftBank’s founder Masayoshi Son, in what was being seen as a major rejig at the Japanese conglomerate.
Misra will retain his post as head of SoftBank Investment Advisers, which helps oversee the first Vision Fund’s existing investments, the statement read. SoftBank founder Masayoshi Son had said he will take over the management of new investments under the second Vision Fund.
“I’m pleased to share that Rajeev will continue as the CEO of SoftBank Investment Advisers leading our activities for SVF1, and as a trusted senior adviser and integral part of the SoftBank family. To afford Rajeev the time to focus on his new venture, he will transition from his current role as the CEO of SoftBank Global Advisers, the manager for SVF2, to become vice-chairman,”
Son had written in an email that was reviewed by ET.
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SoftBank plans Vision Fund job cuts after record net loss
A key lieutenant to Son, Misra will step back from his main roles at SoftBank and
has already secured more than $6 billion to launch his own fund.
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Misra helped Son set up the initial Vision Fund with almost $100 billion in 2017, transforming SoftBank into the world’s largest technology investor. After successful early bets on companies like Alibaba Group Holding Ltd., the Japanese conglomerate pumped money into an array of startups in the US, China, India and other countries in the hunt for its next big hit.
But Softbank’s investments soured, most notably in WeWork and China’s ride-hailing giant Didi Global Inc. After five years of deploying more than $140 billion, the company reported a record 3.2 trillion yen ($23 billion) loss for the company in the quarter ended in June.
Earlier this month, in another rejig, SoftBank Vision Fund’s managing partner Sumer Juneja and India head was given the additional responsibility of overseeing Europe, the Middle East, and Africa (EMEA).
