SoftBank loses $12 billion in value on concerns over its big U.S. tech bets
loses $12 billion SoftBank
- Shares of SoftBank fell another 3% by Wednesday’s close, extending losses from earlier in the week.
- The company reportedly bought billions of dollars in call options in major tech names like Tesla and Amazon.
- SoftBank’s big U.S. tech bets came as a surprise to investors, highlighting a shift in strategy similar to a hedge fund.
LONDON — SoftBank shares extended their losses on Wednesday, wiping out over $12 billion in market value this week, amid jitters over the Japanese conglomerate’s latest tech investing strategy.
Shares of the company fell another 3% by Wednesday’s close, leaving SoftBank with a market cap of 11.9 trillion yen ($112.1 billion). That was down sharply from the roughly 13.2 trillion yen ($124.4 billion) SoftBank was worth just three sessions earlier.