Friday morning trading in Tokyo saw a 5% increase in shares of SoftBank Group Corp (9984.T), after the Japanese conglomerate announced it would book a $34.1 billion gain by reducing its investment in Alibaba Group Holding (9988.HK).
Masayoshi Son, the CEO of SoftBank, is taking action to increase his company’s cash on hand and speed up asset sales after the Vision Fund investment arm reported a $50 billion loss in the six months ending in June as the value of his tech portfolio fell.