November 30, 2022

Raven Tribune

Complete News World

Top SoftBank exec Rajeev Misra steps down from Vision Fund

Top SoftBank exec Rajeev Misra steps down from Vision Fund

Rajiv Misra will step down as CEO of SoftBank Global Advisors, which operates the Vision 2 fund. It comes as pressure mounts on SoftBank’s investment strategy amid a series of bad bets and a crash in tech stocks this year.

Patrick T. Fallon | Bloomberg | Getty Images

Rajeev Misra, who runs SoftBank The Japanese conglomerate confirmed to CNBC Thursday that the massive tech investment unit will be stepping back from one of its roles.

Misra will build a multi-asset offshore investment fund.

He will remain CEO of SoftBank Investment Advisors, the entity responsible for the $100 billion Vision Fund, which has taken high-profile bets on companies including Uber The Chinese giant Didi. The Vision Fund was established in 2017.

Misra will also remain executive vice president of SoftBank Group, the parent company.

However, the CEO will step down as CEO of SoftBank Global Advisors, which operates the second Vision Fund, called Vision Fund 2. Instead, he will become vice chairman of the board and take on a limited role. Vision Fund 2 was established in 2019.

But SoftBank’s investment strategy has come under fire and pressure amid a series of bad bets and a crash in tech stocks this year.

One of the most notable issues came with co-working space company WeWork, which Failed to release it to the public in 2019 After concerns were raised about its business model and corporate governance. WeWork was launched to the public last year Via a special purpose acquisition company.

Publish Vision Fund a Record loss of 3.5 trillion yen ($25.7 billion) for the fiscal year ended March 31 as technology stocks continued to batter.

See also  Twitter reveals an edit button, finally

The outspoken Japanese giant’s founder, Masayoshi Son, will take a more direct leadership role with Vision Fund 2, supported by the current executive team.

The financial times On Thursday, it reported that the new Maisarah fund would amount to about $6 billion and be backed by the state investment funds of Abu Dhabi Mubadala and ADQ, as well as the Royal Group.