‘We are the same animal. We are both a little crazy’: Softbank chief Masayoshi Son says the decision to invest in Alibaba was driven by a gut feeling during a discussion with the e-commerce firm’s founder Jack Ma in Tokyo
TOKYO - Weeks after his billion-dollar bailout of WeWork, SoftBank Group Corp’s founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc’s co-founder Jack Ma.
Ma said Son initially tried to invest $50 million in the e-commerce firm, but that he declined saying it was too large a sum - part of a pattern of offering big cheques to company founders that continued with WeWork co-founder Adam Neumann. Son last month said he misjudged Neumann’s character, after WeWork - formally The We Company - and other sputtering bets saw his $100 billion Vision Fund report an $8.9 billion second-quarter operating loss.
Domestically, SoftBank hopes to drive commercialization of the emerging field of artificial intelligence , announcing on Friday it will spend 20 billion yen over 10 years funding an AI research institute with Tokyo University.
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