Japanese tech investor, Softbank is poised to sell large chunks of its share stakes in T-Mobile U.S. and Chinese e-commerce giant Alibaba. Softbank revealed annual losses of $14.8 billion, includin…
U.S. and Chinese e-commerce giant Alibaba. Softbank revealed annual losses of $14.8 billion, including its share of the $18 billion losses at its Saudi-backed Vision fund in the financial year to the end of March.
In order to fend off disgruntled shareholders, Softbank chairman Masayoshi Son said in March that the company would spend $4.7 billion buying back its own shares. Simultaneous with the latest stake sale news, Softbank said that Alibaba’s co-founder Jack Ma would cease to be a Softbank board director, from June, having served since 2007. Three new board members will be appointed.
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Jack Ma is stepping down from SoftBank's board after it suffered a $13 billion loss - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
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