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SoftBank's Vision Fund Plans to Initiate New Round of Layoffs This Week
Summary: SoftBank Group's subsidary, Vision Fund, is planning to initiate a new round of layoffs starting this week, affecting approximately 13% of its employees primarily in the United States, according to people familiar with the matter. The cuts follow five straight quarters of losses at Vision Fund, reflecting the challenging environment for technology investments. Rising interest ...
SoftBank Group's subsidary, Vision Fund, is planning to initiate a new round of layoffs starting this week, affecting approximately 13% of its employees primarily in the United States, according to people familiar with the matter.
The cuts follow five straight quarters of losses at Vision Fund, reflecting the challenging environment for technology investments. Rising interest rates, a sluggish global economy, and the bankruptcy of Silicon Valley Bank has heightened caution towards loss-making companies and resulted in a significant decline in global startup valuations.
The layoffs within SoftBank's Vision Fund can be seen as a strategic adjustment to address the current market challenges. The fund, which is aimed at enhancing efficiency, reducing costs, and adapting to the evolving demands of the emerging technology industry, ensures that Vision Fund maintains a strong competitive edge in the fiercely competitive investment landscape.
Author: Katie Lin
Tags: SoftBank Group,Vision Fund
Link: SoftBank's Vision Fund Plans to Initiate New Round of Layoffs This Week [Copy]
