SoftBank plans at least 30% staff cuts to Vision Fund, source confirms

Masayoshi Son, CEO of SoftBank, has been weighing up numerous choices for chipmaker Arm after Nvidia walked away from shopping for the corporate.

Alessandro Di Ciommo | Nurphoto | Getty Images

SoftBank is planning to minimize at least 30% of staff at its bold funding arm, the Vision Fund, a source confirmed to CNBC.

At least 150 out of 500 Vision Fund employees can be impacted by the cuts, in accordance to Bloomberg, which first reported the information Thursday.

SoftBank founder Masayoshi Son had foreshadowed cost-cutting and a extra conservative funding method this summer time after the corporate posted a $21.6 billion quarterly loss for the Vision Fund.

Though the fund was created to take large swings, because it did with corporations like Uber and WeWork, Son mentioned final month that he is had to study to turn into “more systematic” about investments and fewer swayed by feelings towards particular corporations.

“Rather than aiming for the home run … (we) try to aim for the first base or second base hit,” Son mentioned in August.

Still, he mentioned at the time, Vision Fund head depend may have to be “reduced dramatically” with “cost reduction” wanted throughout models.

SoftBank declined to remark.

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