STORY: Japan's SoftBank Group has posted a $23 billion quarterly investment loss at its Vision Fund unit, as technology stocks get hammered by soaring inflation and interest rates.
It's one of the biggest losses in SoftBank's history, and founder and CEO Masayoshi Son has pledged to reel back on investments and preserve cash to weather the downturn.
SoftBank says share prices of a wide range of its portfolio companies have declined as IPO volumes plunge and markets grow more skeptical of money-losing startups.
To raise money, SoftBank is selling its stake in companies like ride-hailing giant Uber and home-selling platform Opendoor Technologies for a total gain of $5.6 billion.
The tech share selloff has also hit hedge fund competitor Tiger Global, which saw its flagship fund fall 50% in the first half of the year after it underestimated the impact of surging inflation on the markets.