Softbank boss Masayoshi Son ‘embarrassed’ by track record
Softbank chief executive Masayoshi Son has admitted that he is “embarrassed and flustered” by his track record at the Japanese conglomerate.
Read more: Softbank’s second fund hit by failed Wework listing
In an interview with local media, Son said he felt that his accomplishments at Softbank had not yet lived up to his goals.
“When I look at the growth of US and Chinese companies, I feel strongly it’s not good enough,” he said.
Son is charged primarily with Softbank’s investment activities, which are centred around its $100bn (£81bn) Vision Fund, leaving the day-to-day running of other divisions, such as the firm’s telecoms business, to other executives.
The Japanese tycoon has previously been lauded for his successful bets on high-profile tech startups.
However, rocky periods for two of Softbank’s most famous investments – Uber and Wework – have thrown the boss’s track record into doubt.
Uber went public earlier this year in a hotly-anticipated initial public offering, but its shares have dropped almost 30 per cent as investors raised doubts about the ride-hailing giant’s future profitability.
Meanwhile, Wework’s decision to push back its float has reportedly hampered Softbank’s plans for a second Vision Fund, as the firm has struggled to attract investment.
Read more: Softbank in talks to invest extra $1bn in Wework
The doubts have also taken their toll on Softbank’s share price, which has dropped almost 25 per cent in the last six months.
Main image credit: Getty