softbank vision fund According to a filing with the U.S. Securities and Exchange Commission, 10 million shares were offloaded on October 27 at $202.815. Son sold $1 billion worth of DoorDash stock in May and raised $2.2 billion from sales in August.
Son, known for his reluctance to capitalize on investments, has shown a renewed appetite for exits to accelerate the pace of deals in his Vision Fund investment arm. softbank About $14 billion worth of listed shares were sold in the June quarter, nearly triple the previous period. Over the past six months, the selloff has seen some of Son’s biggest IPO hits such as DoorDash, South Korean e-commerce giant Coupang Inc. and Chinese online property platform Kei Holdings Inc.
The billionaire has also used his bets to borrow billions of dollars. Vision Fund arranged two margin loans in September, regulatory filings show. One is backed by nearly all of its $15 billion stake in Coupang, and the other by an undisclosed number of DoorDash shares. The loan will help fund distribution to investors, including Saudi Arabia and Abu Dhabi’s Sovereign Wealth Fund and Son’s Tokyo-based SoftBank Group, people with knowledge of the matter said.
The latest sale of DoorDash stock leaves SoftBank with 33.6 million shares, or about 11% of the food-delivery company — more than half of what it held at the time of listing in December. Shares of DoorDash closed last week down 8.9% at $194.80 in New York.
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