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Home Gadgets SoftBank’s Rajeev Misra steps down as corporate officer on record losses

SoftBank’s Rajeev Misra steps down as corporate officer on record losses

SoftBank Group Corp. stated in a press release on Wednesday that Rajeev Misra is stepping down from his roles as a company officer and govt vp, after a slide in expertise shares resulted in a report loss on the Japanese funding group.

ET had reported on July 7 that Misra will step down from his govt position on the expertise fund, as per a communication despatched by SoftBank’s founder Masayoshi Son, in what was being seen as a significant rejig on the Japanese conglomerate.

Misra will retain his submit as head of SoftBank Funding Advisers, which helps oversee the primary Imaginative and prescient Fund’s current investments, the assertion learn. SoftBank founder Masayoshi Son had stated he’ll take over the administration of latest investments beneath the second Imaginative and prescient Fund.

“I’m happy to share that Rajeev will proceed because the CEO of SoftBank Funding Advisers main our actions for SVF1, and as a trusted senior adviser and integral a part of the SoftBank household. To afford Rajeev the time to deal with his new enterprise, he’ll transition from his present position because the CEO of SoftBank International Advisers, the supervisor for SVF2, to grow to be vice-chairman,”
Son had written in an email that was reviewed by ET.

Additionally learn:
SoftBank plans Vision Fund job cuts after record net loss

A key lieutenant to Son, Misra will step again from his essential roles at SoftBank and
has already secured more than $6 billion to launch his own fund.

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Misra helped Son arrange the preliminary Imaginative and prescient Fund with virtually $100 billion in 2017, reworking SoftBank into the world’s largest expertise investor. After profitable early bets on firms like Alibaba Group Holding Ltd., the Japanese conglomerate pumped cash into an array of startups within the US, China, India and different nations within the hunt for its subsequent massive hit.

However Softbank’s investments soured, most notably in WeWork and China’s ride-hailing large Didi International Inc. After 5 years of deploying greater than $140 billion, the corporate reported a report 3.2 trillion yen ($23 billion) loss for the corporate within the quarter led to June.

Earlier this month, in one other rejig, SoftBank Vision Fund’s managing associate Sumer Juneja and India head was given the extra duty of overseeing Europe, the Center East, and Africa (EMEA).

ET reported on August 20 that Juneja will report to Misra.

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