11/08/2022
Softbank announced that it would sell $22 billion worth of shares in Alibaba, a major Chinese e-commerce company, to lower its ownership. The Japanese investment organisation predicted that its shares in the company would decline from 23.7% at the end of June to 14.6% in September.
The choice was made two days after Softbank reported its biggest quarterly loss ever, $23.4 billion, leading the company's CEO, Son Masayoshi, to declare that "dramatic" cost-cutting was imminent.