SoftBank Group Corp. (TYO:9984) plans to lay off nearly 20% of its Vision Fund team globally, Reuters reported on Thursday, as the Japanese conglomerate directs more resources towards its artificial intelligence ambitions.
The layoffs come despite the Vision Fund logging its strongest quarterly performance since June 2021, as it benefited from gains in tech majors such as NVIDIA Corporation (NASDAQ:NVDA) and Alibaba Group (NYSE:BABA).
The Vision Fund currently employs over 300 people globally, Reuters reported, adding that a spokesperson for the fund had confirmed the layoffs. The move is the third round of layoffs at Softbank’s flagship fund since 2022.
The layoffs are largely aimed at directing more resources towards Softbank’s AI ambitions, the Reuters report said, with founder and Chair Masayoshi Son having outlined an aggressive push into the sector.
Source :
https://www.investing.com/news/stock-market-news/softbank-to-lay-off-20-of-vision-fund-employees-reuters-4245994
