Jack Ma is stepping down after the SoftBank Vision Fund incurred huge losses on companies like Uber, WeWork, and Oyo.
Alibaba's Jack Ma, China's richest man, is stepping down from the board of SoftBank on June 25.
Ma, whose $41.8 billion net worth makes him China's richest man, is the latest high-profile figure to exit SoftBank Group, which on Monday posted total annual losses of $13 billion for the year ending March 31. Uniqlo founder Tadashi Yanai stepped down from SoftBank's board in December, while Nidec founder Shigenobu Nagamori stepped down in 2017.
Regardless of the reasons, Ma's departure comes after SoftBank founder Masayoshi Son pivoted away from telecoms to backing new companies through the colossal $100 billion Vision Fund, which was launched in 2017. An enormous $9 billion bet on WeWork turned out to be a very bad move after the office space provider imploded, spectacularly, months before the coronavirus wreaked havoc with global economies. With dozens of multi-story offices empty around the world, WeWork's situation is only expected to go from bad to worse.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
SoftBank adds to stock buybacks; Jack Ma resigns from boardSoftBank Group Corp. said late Sunday, Eastern time, that longtime board member Jack Ma has resigned, and the company will add to its share-buyback program. Ma, the co-founder of Alibaba , has long been an ally of SoftBank founder Masayoshi Son on the Japanese conglomerate's board of directors. In a statement, SoftBank said it will propose three new board members at its annual meeting June 25. The company also said it plans to repurchase as much as 500 billion yen ($4.7 billion) worth of its own stock by March 2021. That's in addition to a $41 billion buyback announced in March. SoftBank has invested heavily in startups around the world, and the buybacks come amid growing concern that many of those startups will suffer serious financial losses due to the global recession brought on by the coronavirus lockdown.
Weiterlesen »
Alibaba's Jack Ma resigns from SoftBank boardSoftBank Group Corp said on Monday that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son.
Weiterlesen »
Alibaba Co-Founder Jack Ma to Leave SoftBank’s BoardAlibaba co-founder Jack Ma is stepping down from the board of SoftBank, becoming the latest confidant of Masayoshi Son to depart
Weiterlesen »
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.
Weiterlesen »
Martine McCutcheon reveals how she's coping in lockdown with husband Jack McManus and son RaffertyMartine McCutcheon has opened up about how she's coping in lockdown with husband Jack McManus and son Rafferty
Weiterlesen »