SoftBank plans to cut at least 30% of its workforce at its ambitious investment arm, the Vision Fund.
At least 150 of the Vision Fund’s 500 employees will be affected by the cuts, according to Bloomberg, which first reported on Thursday.
SoftBank founder Masayoshi Son has hinted at cost cutting and a more conservative investment approach this summer after the company posted a $21.6 billion quarterly loss to the Vision Fund.
The fund was set up because he, like companies like Uber and his WeWork, has been volatile, but Son said last month that he needed to learn to be more “systematic” about investing, and that certain said they need to be independent of their feelings about companies.
“Rather than trying to hit a home run… (We’re) trying to go for first or second base,” Son said in August.
Still, he said at the time that the Vision Fund’s staff could be “drastically cut” and that all departments would need to “cut costs.”
