Jack Ma Decided To Leave Softbank’s Board As A Result Of Company Booking Huge Amount Of Losses

Jack Ma

Since many companies are facing the problem of going bankrupt because of the pandemic situation, a tech giant company like Softbank is booking vast amounts of losses from the last few months. Now, as a result of such devastating performance from Softbank, Jack Ma has decided to leave the board’s position from the company. Softbank recently released its annual report that shows the company booked a whopping amount of $13 billion of losses during last year. The report indicates that jack Ma will be leaving the company on June 25, and it will be an official goodbye to the Softbank.

Softbank on Monday released its annual statement that shows the company booked losses of 1.4 trillion yen or $13 billion approximately. This is the highest amount of loss Softbank has ever occurred. Things are getting quite messier for Softabk after considering the worst situation happening in the world right now because of the coronavirus outbreak. Softbank’s vision fund reported losses of $17.7 billion when analysts predicted $16.7 billion. The company has made a significant investment in new and emerging startups. Out of those investments they put money into Uber, and WeWork which are performing quite bad from the last few quarters.

Some of these startups which at the time of their launch seemed to be unicorn are not giving any amount of profits to the investors. Now everyone is quite panicked considering the losses they have to bear if the lockdown continues for more time. However, Softbank did not say why Jack Ma is leaving the company, but the company’s chief Masayoshi Son said this decision of Jack Ma is his own, and personal. However, we will get to know about it more in the upcoming days since Jack Ma has also left Alibaba a few months ago to focus on doing philanthropy.

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Steven Burnett
Being one of the leading news writers of the dailyheraldbusiness, Steven holds a specialization in the domains of business and technology. The passion he has for the new developments in the connected devices, cloud technology, virtual reality, and nanotechnology is seen through the latest industry coverage which is done by him. His take on the consequences of digital technologies across the world gives his writing a modern and fresh outlook.