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Tech stock slump sees SoftBank’s Vision Fund post $17bn loss

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SoftBank Group Corp”s Vision Fund unit has posted a Q2 loss of $17 billion (JPY2.33 trillion) on the back of a steep decline in the value of its portfolio of tech stocks, according to a report by Al Ja Zeera.

In May, Vision Fund posted a record loss as rising interest rates and global political uncertainty caused high levels of market volatility in the tech sector, resulting in a group Q2 loss of $23.4 billion. That compares with a profit of $563.75 million in the same period a year earlier.

Falling listed investments in the last quarter include robotics firm AutoStore Holdings and artificial intelligence firm SenseTime Group, with SoftBank booking a total $219.13 million loss on the value of Vision Fund’s private investments.

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