Japanese conglomerate SoftBank, which has backed crypto companies including FTX and The Sandbox, reported a record $23.4 billion quarterly loss attributed to the global tech stock sell-off. BrandyBetz reports
“We are in a defense mode," CEO Masayoshi Son in a message that accompanied the report."The world is still very volatile. Inflation is still severe. Interest rate is going up. In a difficult time, we kept on divesting our assets. We reduced new investments. We now have a much more managed, conservative approach to investments."
A weaker yen hurts the company because it translates into a lower number when converted into dollars.
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