Masayoshi Son resigns from board of Alibaba; defends SoftBank Group’s investment strategy

Spread the love
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

SoftBank Group founder Masayoshi Son said on Thursday he is leaving the board of Jack Ma’s Chinese e-commerce giant Alibaba Group today, a month after Ma left the board of Son’s technology group.
Son said he sees the move as “graduating” from Alibaba Group’s board, his most successful investment to date, as he swiftly moved to defend the Japanese group’s investment strategy, which has been the subject of scrutiny and public mockery in recent quarters.
Son said his conglomerate’s holding has recovered to the pre-coronavirus outbreak levels. The firm has benefited from the rising value of Alibaba Group and its stake in Sprint, following the telecom operator’s merger with T-Mobile. Son said his firm has seen an internet rate of return (or IRR, a popular metric used by VC funds to demonstrate their performance) of 25%.
In a shareholder meeting today, he said he was worried that many people think that SoftBank is “finished” and are calling it “SoftPunku,” a colloquial used in Japan which means a broken thing. All combined, SoftBank’s shareholder value now stands at $218 billion, he said.
Son insisted that he was leaving the board of Alibaba Group, a position he has held since 2005, on good terms and that there hadn’t been any disagreements between him and Ma.
Son’s move follows Jack Ma, who co-founded Alibaba Group, leaving the board of SoftBank last month after assuming the position for 13 years. Son famously invested $20 million in Alibaba 20 years ago. Early this year, SoftBank still owned shares worth $100 billion in Alibaba.
A range of SoftBank’s recent investments has spooked the investment world. The firm, known for writing big checks, has publicly stated that its investment in ride-hailing giant Uber, office space manager WeWork, and a range of other startups has not provided the return it had hoped.
Several of these firms, including Oyo, a budget-lodging Indian startup, has moreover been hit hard by the pandemic.
Son, who has raised $20 billion by selling T-Mobile stake, said after factoring in other of his recent deals SoftBank had accumulated $35 billion or 80% of the total planned unloading of investments.

X ITM Cloud News

Ana

Leave a Reply

Next Post

mkws(1) - Added Linux version and updated the website

Thu Jun 25 , 2020
Spread the love           submitted by /u/adriangrigore [link] [comments] X ITM Cloud News
X- ITM

Cloud Computing – Consultancy – Development – Hosting – APIs – Legacy Systems

X-ITM Technology helps our customers across the entire enterprise technology stack with differentiated industry solutions. We modernize IT, optimize data architectures, and make everything secure, scalable and orchestrated across public, private and hybrid clouds.

This image has an empty alt attribute; its file name is x-itmdc.jpg

The enterprise technology stack includes ITO; Cloud and Security Services; Applications and Industry IP; Data, Analytics and Engineering Services; and Advisory.

Watch an animation of  X-ITM‘s Enterprise Technology Stack

We combine years of experience running mission-critical systems with the latest digital innovations to deliver better business outcomes and new levels of performance, competitiveness and experiences for our customers and their stakeholders.

X-ITM invests in three key drivers of growth: People, Customers and Operational Execution.

The company’s global scale, talent and innovation platforms serve 6,000 private and public-sector clients in 70 countries.

X-ITM’s extensive partner network helps drive collaboration and leverage technology independence. The company has established more than 200 industry-leading global Partner Network relationships, including 15 strategic partners: Amazon Web Services, AT&T, Dell Technologies, Google Cloud, HCL, HP, HPE, IBM, Micro Focus, Microsoft, Oracle, PwC, SAP, ServiceNow and VMware

.

X ITM