Where will the capital they allocate go next? Well, there's always the metaverse. When the bubble bursts, they’ll look at the wreckage and devastation their investments have wrought and shrug. The venture capitalists that direct capital flows from oligarchs abroad and at home fancy themselves as central planners directing the next stage of technological development, but they’re no more rational or far-seeing than anyone else. What I underestimated, however, was that it doesn’t actually matter-to capital at least. Years ago, I anticipated that this investment would largely be successful because it fit snugly into a well-observed historical pattern rooted in the origins of venture capital. The company also warned of further losses, saying its Vision Funds had lost another $13 billion since the start of the new fiscal year on March 31. Some of the largest hits came from its crown jewels: Its investments in Uber, DoorDash, Chinese ride-hail giant DiDi, and South Korean e-commerce Coupang, all plummeted, as well as previous investments on its books such as Alibaba and British semiconductor designer Arm. In May, SoftBank revealed it had lost $13.2 billion overall last fiscal year, with the Vision Funds suffering a nearly $27 billion loss. What kind of boss fires 900 employees on Zoom right before Christmas When you think youve seen the worst in corporate leadership behavior, a story comes.
The following are some excerpts from a really good article in Vice: WeWork is one of many duds that SoftBank invested in.
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