SoftBank taps Alibaba stake to raise $11.5bn after huge loss

CEO Masayoshi Son warns tech unicorns falling into coronavirus 'valley'

20200518N SoftBank

Investors should expect about 15 of 88 businesses in the Vision Fund portfolio to fail, says SoftBank Group CEO Masayoshi Son. © AP

WATARU SUZUKI, Nikkei staff writer

TOKYO -- SoftBank Group said Monday it would raise $11.5 billion using its holdings of Alibaba Group stock, part of plans to generate 4.5 trillion yen ($42 billion) in cash to shore up its balance sheet.

"To have some cash on hand, we will pare down our assets," CEO and Chairman Masayoshi Son told a news conference.

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