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Blockchain Supporter, the Softbank Group, Forecasts an Epic Loss of $12.5 Billion
Summary: Blockchain supporter, the Softbank Group, announced on Monday, April 13th, that the multinational conglomerate will face an operating loss of $12.5 billion (1.35 trillion yen) for the fiscal year ending in March.
The Softbank Group announced on Monday, April 13th, that the multinational conglomerate will face an operating loss of $12.5 billion (1.35 trillion yen) for the fiscal year ending in March, according to NHK news. The operating loss is a result of the declining value of companies the group has invested, especially WeWork, a US shared office space real estate company. The market value of those companies suffered deeply from the spread of the coronavirus pandemic, which shakes the global economy and changes how people work.
Masayoshi Son, the founder of Softbank, had previously invested in Bitcoin in 2017 when the currency was at its peak market cap of around $238 billion. As stated by the WSJ, Son has lost more than $130 million in this investment.
By Dawn Wu
Tags: Bitcoin (BTC),Softbank
Link: Blockchain Supporter, the Softbank Group, Forecasts an Epic Loss of $12.5 Billion [Copy]
