SoftBank reports record $23.4 billion loss as holdings tumble

SoftBank Group reported a record ¥3.16 trillion ($23.4 billion) net loss as a selloff in global tech stocks continued to hammer its Vision Fund’s portfolio of investments.

The Vision Fund segment posted a loss of ¥2.33 trillion in the three months ended June 30 following a then-record ¥2.2 trillion loss in the previous quarter. SoftBank also reported a ¥820 billion foreign exchange loss because of the weaker yen.