In the earnings call after reporting a net loss of $23.4 billion in the June quarter, Son said unicorn leaders “still believe in their valuations and they wouldn’t accept seeing their valuations drop lower than they think.” “.
The winter for publicly traded companies is still ongoing, but a similar downturn for startups could last “longer,” the 64-year-old executive warned.
“This seems like the perfect time to invest now that the stock market is so low, and I have the urge to do that, but if I trade on it, we could take a blow that’s irreversible, and that’s unacceptable.” Son stressed.
The company said the net loss in the June quarter was “mainly recorded by monetization of investments in public portfolio companies.”
Son advised companies to save cash to navigate the economic collapse.
“The world is in great confusion,” he said.
When it comes to startups, Softbank invested more than $46 billion in startups last fiscal year.
SoftBank’s $100 billion Vision Fund was launched in 2017 and is backed by Saudi Arabia and Abu Dhabi.
Son said in May that compared to last year, “the amount of new investment (in startups) will be half or could even be a quarter”.
ALSO SEE
Aditya Birla Fashion records highest Q1 sales ever, hopes Q2 will get bigger
Experts say it’s time to move to fixed rates for mortgages after the third rate hike in 4 months
August has a long weekend and Indian consumers are packing their bags to travel to Goa and Bali