Shareholders in SoftBank wiped nearly $9bn off its market value on Monday after weekend revelations that the Japanese conglomerate was the mystery “whale” that had driven US technology stocks to record highs.
The Financial Times reported on Sunday that the group’s trading strategy meant it was now sitting on gains of about $4bn after founder Masayoshi Son drove aggressive bets on equity derivatives.
Traders in Tokyo said the report had helped crystallise the perception among some investors that SoftBank’s behaviour as a company increasingly resembled that of a hedge fund, populated with former investment bankers with a massive appetite for risk.
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