Monday , August 2 2021

Softbank's founder lost $ 130m from trading in battlefields :: Investor.bg



The founder of Softbank lost $ 130 million from commodity trading

Photo: Reuters

Even talented investors make mistakes. Massayoshi Son, founder of a billionaire and head of investment firm Softbank, has lost $ 130 million in commodity trading.

He apparently bought the virtual coins near the top of the crypto-lite course by the end of 2017. In 2018 he sold them after the dramatic collapse, writes the Wall Street Journal, citing unspecified persons.

But the erroneous judgment certainly can not get Son into a financial crisis. According to Bloomberg, his state is worth $ 19 billion. Softbank's market capitalization has the equivalent of $ 114 billion.

Softbank owns, among other things, a controlling majority in the US company Sprint, which is in a tough merger with T-Mobile in the US, which may fail due to opposition from the US authorities.

The Softbank Vision Fund, which Son runs alongside Saudi Arabian state fund, has reached $ 100 billion. He invests in companies like Uber and We Work.

The 61-year-old son, Son, who was in Berkeley, California, wins his first $ 1.7 million as a student with the invention of an electronic translator who sells to Sharp.

He lost a lot of money when the Internet bubble burst at the beginning of the millennium. Later, he joined companies such as Yahoo and Alibaba, investing in them at the beginning of their business development, which made him very rich.

According to WSJ material, Son bought the bits on the recommendation of Peter Bridger, co-chairman of the American investment firm Fortress. In February 2017, Softbank acquired it. Fortress began to acquire battlefields in 2013. During the acquisition of Softbank, they were worth $ 150 million and the cost of a battlefield was just over $ 1,000.

Currently cryptoLight is significantly more expensive. The cost of a battlefield is currently about $ 5,600 per share. The market capitalization, according to Coinmarketcap.com, amounts to almost 99 billion dollars. Thus the largest crypto-pole is far ahead of the ether, number two, which is worth nearly $ 19 billion.


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