TOKYO — SoftBank, the Japanese technology conglomerate famous for seismic and visionary bets, has lost $4.7 billion in the WeWork debacle, the company said Wednesday.
SoftBank posted losses of 700 billion yen ($6.4 billion) in the July-September quarter, with the damage coming largely from its Vision Fund, created to invest in startups like WeWork and Uber. The massive loss compares with a 526 billion yen profit during the same period last year.
Uber sank to another all-time low Wednesday, two days after posting losses of more than $1 billion during its most recent quarter.
SoftBank’s founder, Masayoshi Son, said in a presentation Wednesday that he regretted “mistaken investment moves.”