SoftBank Group Corp is planning a new round of layoffs at its Vision Fund investment arm, according to the source familiar with the matter as reported by CNBC.
The cut could be as soon as the next two weeks and could be around 30% of the workforce in Vision Fund, including staff in the U.S. as well.
SoftBank reported an annual net loss of 970 billion yen ($7.2 billion) for the fiscal year ended March 31, 2023. Vision Fund posted a 4.3 trillion yen ($32 billion) of net loss for the period. The group cushioned the investment loss at the fund segment by selling down its stake in Alibaba Group Holding Ltd.
Earlier, it was reported that SoftBank-backed ‘Arm’ was in talks with Intel about anchoring an IPO that could raise as much as $10 billion, which would be one of the largest IPOs of the year. Arm plans to sell its shares on Nasdaq later this year.
As a chip designer, Arm contributes to many leading chip manufacturers in the world, including AMD, Nvidia and Qualcomm.
