DIDI - SoftBank's Didi stake loses $4B in value amid regulatory crackdown
Sundry Photography/iStock Editorial via Getty Images SoftBank ([[SFTBF]],[[SFTBY]]) Vision Fund's 20.1% stake in beleaguered ride-hail company Didi (DIDI) has dropped in value from $11.8B to $7.8B as outlined in a new Financial Times report. Chinese regulators are cracking down on Didi, which recently went public in the United States, for alleged data security violations. The Vision Fund also backed Full Truck Alliance, a stock that has also swiftly pulled back amid heightened scrutiny from Chinese regulators. SoftBank started picking up Didi shares in 2015 before selling the stake to Vision Fund in 2019, when the fund's take totaled $11.8B. Chinese tech companies make up about a quarter of the Vision Fund's portfolio, leaving the fund exposed to the regulatory crackdown. The Didi losses follow the collapse of SoftBank-backed financial services company Greensill Capital, which led to Credit Suisse cutting ties with SoftBank and its CEO Masayoshi Son. Late last month, Son
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SoftBank's Didi stake loses $4B in value amid regulatory crackdown