SoftBank worth less than its Alibaba stake after 4-day stock slide
Tokyo
SOFTBANK Group Corp tumbled below the value of its stake in Alibaba Group Holding Ltd amid growing concerns about the Japanese company's other assets, including struggling US wireless carrier Sprint Corp.
SoftBank's market capitalisation fell to 5.46 trillion yen (S$66 billion) after a four-day stock slide triggered by rising pessimism about Sprint's ability to pay down debt. The Tokyo- based company's stake in Alibaba is worth about US$55 billion, according to its own website.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Meta’s results are best viewed through rose-tinted AI glasses
'Harvesting data': Latin American AI startups transform farming
After long peace, Big Tech faces US antitrust reckoning
Tech’s cash crunch sees creditors turn ‘violent’ with one another
Tech millionaires chase billionaire tax shields with ‘swap fund’
Elon Musk’s Starlink profits are more elusive than investors think