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SoftBank reach $1.3 billion loss from tech stock

Japan’s SoftBank Group Corp on Monday reported a 131.7 billion yen ($1.27 billion) loss from speculation on technology stocks after an attempt to diversify using its massive cash pile backfired.

Chief Executive Masayoshi Son in August said the firm would park excess cash from asset monetisation in tech stocks and derivatives in at attempt to capitalise on an uplift in valuations in the sector.

The bets, which come as SoftBank hopes to reestablish its investing chops after portfolio companies struggled, turned sour after the firm booked a 292 billion yen derivative loss.