SFTBY - SoftBank to back off tech investing amid stock rout

SoftBank Group (SFBTY -1.5%) will slow down its technology investments after a rout in the company's holdings, the Financial Times reports. Founder Masayoshi Son at a recent meeting instructed his executives to back off and focus on raising cash, according to the report. That comes following hits to the company's portfolio from numerous factors, notably including a Chinese tech crackdown, rising interest rates and war in Ukraine. As for China, valuations have collapsed and "we don't expect a turnaround anytime soon," the FT quotes one person close to SoftBank's China team as saying. SoftBank Group stock has slid more than 45% over the past year (see a chart vs. the broader market and tech stocks here). The company has some $23 billion in cash on hand - enough even to weather a potential $6 billion Alibaba (BABA -4.9%) margin call - but during the stock's sell-off, Son became "alarmed" over

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SoftBank to back off tech investing amid stock rout