On Breakingviews – TikTok calls the tune for SoftBank’s comeback tour, says mak_robyn:
FILE PHOTO: The logo of TikTok application is seen on a mobile phone screen in this picture illustration taken February 21, 2019. Picture taken February 21, 2019. REUTERS/Danish Siddiqui/Illustration/File Photo
SoftBank is suffering from a string of flops. WeWork’s spectacular implosion required a SoftBank bailout. Accompanied by falling valuations at other holdings, the net result may be a $5 billion-plus write-down in the current quarter, Bloomberg reports. The Saudi-backed $100 billion Vision Fund that SoftBank manages has seen two of its most high-profile bets, Uber Technologies and Slack, slide 22% and 42% respectively since going public.
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