SoftBank Vision Fund to cut one-third of staff in tech downturn

Investment vehicle to shed about 150 employees as deal-making slows

As publicly traded tech stocks declined due to rising interest rates, so did the valuations of the unlisted stocks in which SoftBank invested. (Photo by Mayumi Tsumita)

MINORU SATAKE and WATARU SUZUKI, Nikkei staff writers

September 30, 2022 14:28 JST

LONDON/TOKYO -- SoftBank Group's Vision Fund has begun to cut about one-third of its workforce to survive a prolonged downturn in tech valuations.

The London-based Vision Fund began notifying some of its employees about the cuts on Thursday, according to sources. The Vision Fund has about 500 employees, and it is estimated that about 150 will be affected.