SoftBank CEO ‘Remorseful’ After Record $23.4 Billion Quarterly Loss

A look at SoftBank's China dealings

Japan's SoftBank Group Chief Executive Masayoshi Son attends a news conference in Tokyo, Japan, on Nov. 5, 2018. Kim Kyung-Hoon/Reuters

News Analysis

Japanese tech investment giant SoftBank Group has decided to sell one-third of its Alibaba stake to raise $34 billion in cash, following a record $23.4 billion loss in the second quarter. Founder and CEO Masayoshi Son admitted at a press conference that he is “quite embarrassed and remorseful.”