Masayoshi Son Fortune Drops $2.6 Billion Amid SoftBank Share Decline
Masayoshi Son, the founder of SoftBank, lost $2.6 billion as a result of a steep drop in share prices.
SoftBank founder Masayoshi Son experienced a significant decrease in fortune, losing $2.6 billion due to a sharp decline in SoftBank Group Corp shares. This downturn followed the Bank of Japan’s unexpected interest rate hike.
Impact on SoftBank Shares:
SoftBank Group Corp shares dropped 8% in one day and 14% over two days, reducing Son’s net worth. Despite this setback, according to the Bloomberg Billionaires Index, Masayoshi Son’s fortune has increased by approximately $2.7 billion from $11.3 billion at the beginning of the year.
SoftBank Performance:
SoftBank, one of the world’s largest tech investors, saw its shares rise 46% through the end of July. The company holds a majority stake in chipmaker Arm Holdings Plc, whose shares surged this year amid high expectations for artificial intelligence. However, Arm Holdings’ shares recently fell by 16% following a revised annual sales forecast.
The Bank of Japan’s hawkish stance led to the largest drop in Japanese shares since 2016, as tighter monetary policies impacted the market. Concurrently, Japan’s currency reached a four-month high.
Masayoshi Son Stake in SoftBank:
At 66, Masayoshi Son remains SoftBank’s largest shareholder, holding a significant portion of the nearly $78 billion company.
Much of his stake is pledged as collateral for loans with various financial institutions, adding to the financial complexities he faces amid market fluctuations.
