Last Thursday, as his company booked a $3.8 billion gain from its stake in Uber Technologies Inc., Masayoshi Son told SoftBank Group Corp. investors that their time had finally come. Instead, they¡¯re still waiting.
The day after Son¡¯s earnings presentation, SoftBank slid 5.4 percent and fell again Monday, dropping as much as 4.9 percent. Uber¡¯s initial public offering was a flop, with shares sliding on the first day of trading, at the same time the U.S. and China escalated tensions over their trade dispute.
SoftBank has lost about $9 billion in market value despite reporting last week that profit more than tripled thanks to the valuation gain from its stake in the U.S. ride-hailing giant.
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