BABAF - SoftBank Group Offloads Entire Alibaba Stake After Jack Ma-Founded Company Causes $6.16B Loss | Benzinga
In a significant shift of focus, SoftBank Group has announced the sale of almost its entire stake in Alibaba Group Holding (NASDAQ:BABA) (OTC:BABAF). The move is part of the Japanese conglomerate’s pivot towards artificial intelligence (AI) investments.
What Happened: SoftBank’s investment portfolio has shifted from Alibaba to U.K. chip designer Arm Holdings, Nikkei Asia reported on Monday. Alibaba now accounts for “almost zero” of SoftBank’s net asset value, down from 48% in 2020. In contrast, Arm now accounts for 45% and SoftBank’s Vision Funds 29%.
“This shows a shift to an AI-centric portfolio. Arm is core to our shift to AI and the assets held by us and the SoftBank Vision Fund,” Yoshimitsu Goto, chief financial officer, said during the earnings call.
SoftBank ...