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US fund sells off Softbank Group Shareholding: FT

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16 Aug 2022 11:08:46 GMT9
16 Aug 2022 11:08:46 GMT9

LONDON: US hedge fund Elliott Investment Management LP has sold nearly all of its shares in Japan’s Softbank Group Corp., the Financial Times reported Tuesday.

The move is “another blow” to the Japanese technology investor, which incurred a record quarterly net loss of over 3 trillion yen in April-June, the British economic daily said in an electronic edition.

According to the report, the US activist investor held SoftBank Group shares worth 2.5 billion dollars as of February 2020. But it sold a “chunk” of these shares last year and has decided to effectively end its multiyear bet on the Japanese firm by selling down the vast majority of the remaining shares.

The paper quoted one of people familiar with the situation as saying that Elliott moved to sell its stake in SoftBank Group after “losing conviction in Japanese group’s billionaire Masayoshi Son and his ability to close the huge gap between the value of SoftBank’s various holdings and its market capitalization.”

JIJI Press

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