SoftBank billionaire Masa Son is stockpiling cash for a ‘worst-case scenario’ – By Sherisse Pham (CNN Business) / Nov 18 2020
Hong Kong (CNN Business)Japanese billionaire Masayoshi Son says the Covid-19 pandemic will continue to wreak havoc on companies in the short term, and that he is stockpiling cash to prepare for a “worst-case scenario.”
While effective vaccines and Covid-19 treatments could soon be coming, the SoftBank CEO said he is pessimistic about second and third wave outbreaks currently playing out around the world.
“In the next two [to] three months, any disaster could happen,” Son said on Tuesday, speaking from Tokyo at The New York Times’ Dealbook Conference held online this year.
SoftBank announced a fire sale of assets earlier this year to shore up its balance sheet as the pandemic roiled global economies and sent the value of its tech-focused Vision Fund plunging. The initial plan was to sell $41 billion worth of assets, but Son said SoftBank ended up doubling that target.
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