Bin Salman loses $ 16.5 billion out of the $ 45 billion it gave to a Japanese investor in 45 minutes


14 hours ago

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London – “Arab Jerusalem”:
Softbank Group said on Monday, it expects to Vision box incurred Its $ 100 billion affiliate lost 1.8 trillion yen ($ 16.5 billion) in the fiscal year ending in March due to the poor performance of his investments in the technology sector.
The news agency “Reuters” “Soft Bank” in a statement that the loss of the fund backed by Saudi Arabia, the third quarterly in a row, will pay the group as a whole to incur an operating loss of 1.35 trillion yen, the first loss in 15 years.
The fund’s losses, which are attributed to the “deteriorating market situation” as markets are affected by the Corona virus pandemic, are a major blow to the efforts of Masayoshi Son, CEO of Softbank, to restore his reputation among investors.
Last November, the Japanese company, which owns Softbank, in which Saudi Crown Prince Mohammed bin Salman invests $ 45 billion, disclosed losses of $ 6.5 billion.
And the Japanese investment company announced, at the time, its first quarterly operating loss in 14 years, estimated at 6.5 billion dollars, after writing down the value of a series of investments, according to the agency “Bloomberg” America.
SoftBank’s CEO, Masayoshi Son, took some of the blame from his partners for his bad decisions, saying: “There was a problem in my personal judgment, and this is something I have to think about,” according to the same source.
“At Sun’s dealings raise fundamental issues about his strategy that must be addressed, so if there are more failed investments in the future, how does he plan to deal with them?” Said Atoll Goyal, chief analyst at the Jeffreys economic group.

In a television interview, the presenter asked how Sun managed to persuade Bin Salman to invest $ 45 billion in one hour, so the latter interrupted him, saying: It only took me 45 minutes.

In 2017, Sun revealed the details of a deal in which he convinced the Saudi crown prince, Mohammed bin Salman, to invest $ 45 billion.
In a television interview on the David Rubinstein program, on American “Bloomberg” television, the broadcaster asked how Sun managed to persuade Bin Salman to invest $ 45 billion in one hour, so the last boycotted him, saying: “Saying one hour is not true, it only took me 45 One minute, I convinced him of $ 45 billion.
When the broadcaster asked the Japanese businessman how he could Persuade bin Salman By investing this huge sum, Masayoshi explained that he told him: “I came to Tokyo to talk to you for the first time, I will give you a gift, a huge gift, a gift worth one trillion dollars, and the prince said, well, it’s really exciting. I said: If you invest 200 billion dollars, I will give you a trillion dollars.
The meeting between Bin Salman and Masayoshi was held in his office in Riyadh, in late May 2017, while he was still crown prince, as during the meeting they discussed investment opportunities in Saudi Arabia, and strengthened the partnership in accordance with the “Kingdom’s Vision 2030”.
After the meeting, Soft Bank announced that it was agreed to invest the Saudi Public Investment Fund 45 billion dollars in the “Soft Bank Vision Fund” for technology, which will be worth about 100 billion dollars, including 28 billion dollars from Soft Bank.


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