Shulou(Shulou.com)11/24 Report--

On the evening of August 31, Beijing time, it was reported that SoftBank Group announced today that Rajeev Misra, CEO of its Vision Fund, would resign as executive vice president of SoftBank Group, but retain the position of head of SoftBank Investment Advisers.

Misra's departure comes as SoftBank recorded its biggest quarterly loss ever for the second consecutive quarter, largely because market turmoil has severely affected SoftBank's technology portfolio.

Misra, 60, will continue to serve as director of SoftBank Investment Advisory after resigning as executive vice president of SoftBank Group. SoftBank Investment Advisors will primarily help manage existing investments in Vision Fund, while Vision Fund Phase 2 will be personally managed by SoftBank Group founder Masayoshi Son.

Misra is Son's right-hand man and one of SoftBank's core founders. In 2017, Misra helped Son establish a $100 billion Vision Fund to transform SoftBank into the world's largest technology investor.

After an early success, SoftBank began pouring money into a series of startups in the U.S., China, India and other countries in search of the next big hit. But SoftBank's investments have since soured, including investments in co-working giant WeWork.

The sell-off in global stock markets comes as shares of some of SoftBank's listed companies, such as South Korean e-commerce company Coupang, U.S. ride-hailing company Uber Technologies and U.S. food delivery operator DoorDash, have plummeted.

Over a five-year period, SoftBank invested more than $140 billion. Earlier this month, SoftBank Group reported a net loss of 3.16 trillion yen ($23.4 billion) for the first quarter of fiscal year 2022 ended June 30, its largest quarterly loss ever for the second consecutive quarter. SoftBank has lost 2.1 trillion yen ($16.2 billion) in its fourth-quarter earnings report for fiscal year 2021, which ended March 31.

In fact, reports emerged in July that Misra was stepping down from SoftBank to start his own business and was currently raising money for a new fund. Misra had secured more than $6 billion in backing for a new fund, including investors from the Middle East, people familiar with the matter said at the time. Akshay Naheta, Misra's former colleague, will join the fund.

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