Masayoshi Son looks like a gambler on a lucky streak so it’s no wonder shares in his firm were down 7%
Would you trust Masayoshi Son, the man who did so much to promote and finance the WeWork silliness, to take huge short-term punts on your behalf on the value of US technology stocks?
Retail shareholders in Softbank, the Japanese firm founded and led by Son, clearly do not. Softbank’s value fell by almost $9bn, or 7%, on the Tokyo market on Monday after the company was revealed over the weekend to be the “whale” that had been making big bets on US tech stocks using derivatives. Softbank’s buying of call options – the right to buy a financial instrument at a fixed price at a future date – was reported by the FT to have reached a notional value of $30bn over the summer.
Selected by softengoxford