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SoftBank to slash Alibaba stake in race for cash

Vision Fund exits entire $7.7bn Uber holding during market downturn

SoftBank Group is effectively selling a significant chunk of shares it owns in Chinese e-commerce company Alibaba Group Holding, its most successful investment. (Source photos by Reuters)

TOKYO/HONG KONG -- SoftBank Group is accelerating its pace of asset sales, highlighting the urgent need to raise cash as it strives to outlast a prolonged "tech winter."

The Japanese investment group is effectively selling about 38% of shares it owns in Alibaba Group Holding -- worth about $22 billion based on the Chinese e-commerce company's stock price on Tuesday in New York trading -- reducing ties to its most successful investment.

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