Wednesday, Jun 3, 2020
HomeWorldJack Ma steps down from SoftBank board as it posts Ksh1.4 trillion annual loss

Jack Ma steps down from SoftBank board as it posts Ksh1.4 trillion annual loss

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Alibaba founder and Chinese billionaire Jack Ma has left SoftBank’s board of directors.

This happens just as the company posted a USD13 (Ksh1.4 trillion) billion annual loss

Ma, who is also China’s richest man served on SoftBank’s board for the past 13 years, and is set to officially resign on June 25.

Softbank’s vision fund posted a record $17.7 billion (Ksh1.9 trillion) loss on Monday on the back of investments including WeWork, Uber, and Oyo.

Bloomberg reports indicated Uber is responsible for roughly $5.2 billion (Ksh556.8 billion) of the SoftBank Vision Fund’s losses over the last fiscal year, while WeWork totalled $4.6 billion (Ksh492.2 billion) and the rest of its portfolio made up $7.5 billion (Ksh802.8 billion).

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Digital Desk, Metropol TV

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