The financial report shows that the investment losses of the two Vision Funds under SoftBank totaled 2.92 trillion yen. Among them, the Vision Fund (Phase I) lost 2.33 trillion yen, while the previous quarter had a record loss of 2.2 trillion yen.
SoftBank later said it sold its entire stake in Uber between April and July at an average price of $41.47 per share. SoftBank also said the shares cost an average of $34.50 per share, making the sale of the shares profitable.
But SoftBank did not disclose how much of the proceeds from the sale of Uber shares or how many shares were sold. But SoftBank said it raked in a combined $5.6 billion from April-July sales of company stock, including Uber, online real estate company Opendoor, healthcare company Guardant and Shell.
SoftBank invested in Uber in 2018 and again in 2019, becoming its largest shareholder for a time. SoftBank reportedly sold about a third of its Uber stake last year. Today, the remaining roughly two-thirds have also been sold off.
The sell-off in global stock markets came as shares of some of SoftBank-backed public companies tumbled, such as South Korean e-commerce firm Coupang, Uber and U.S. food delivery operator DoorDash. But some of those stocks have recovered in recent weeks.
Meanwhile, shares of some privately held portfolio companies also fell in the first quarter. The financial report shows that as of the end of June, the cumulative investment return of the Vision Fund 2 (the proportion of unlisted portfolio companies is higher than that of the first fund) fell to negative values.