Highlights

  • World's largest tech fund slashes salaries for top executives
  • Salary cuts follow historic loss at the fund

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SoftBank slashes pay after historic loss at fund

Founder Masayoshi Son kept his pay unchanged top management had 15%-40% chopped out of their compensation. 

After a record $20.5 billion loss SoftBank is sharply shaving what executive make at the fund. As per reports even founder Masayoshi Son kept his pay unchanged top management had 15%-40% chopped out of their compensation.

Also read/watch| India GDP: The slowdown starts to seep in firmly

The world’s largest tech fund has been facing a market rout that hammered the valuations of public and private tech companies. As per filings with the local market regulator Chief Financial Officer Yoshimitsu Goto made 293 million yen, down almost 40% from the previous year. Ken Miyauchi, chief of SoftBank’s domestic telecom operation, made 539 million yen, down 15%.

The fund has also scaled back it's investment dramatically, putting out just $2.5 billion in the January-to-March quarter. That’s a drop from $10.4 billion a quarter earlier and far below the peak of $33.3 billion in one single quarter in fiscal 2018.

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